Powerball jackpot nears $1 billion after long drought of winners

Iowa's Des Moines (AP) — Another Saturday night Powerball drawing offers the possibility of winning the jackpot, which is getting closer to $1 billion.

The projected $960 million win is the ninth-largest lottery jackpot in the world, surpassing previous $1 billion Powerball and Mega Millions prizes.

Since July 19, there have been 30 draws without a major winner, which is why the reward has increased so much. The game's high odds (1 in 292.2 million) are intended to make winning uncommon so that grand prizes can increase in value, which is why there hasn't been a jackpot winner throughout that run.

One winner will get a $960 million reward, with annual payments spread over 30 years, if they select an annuity. The cash option, which would be worth an estimated $441 million for Saturday's drawing, is virtually usually chosen by winners.

These earnings will be reduced by federal taxes, and large lottery winners may also be subject to state taxes.

Forty-five states, Washington, D.C., Puerto Rico, and the U.S. Virgin Islands all play Powerball.

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