Powerball jackpot reaches $1 billion as drawing for giant prize nears

DES MOINES, Iowa (AP) — A $1 billion Powerball jackpot will tempt lottery players who think they just might hit it rich after three months without a big winner. 

 

No one has won Powerball’s jackpot since New Year’s Day, a stretch of 38 consecutive drawings without anyone matching the game’s six numbers. 

 

Powerball announced earlier today that the prize has now reached $1 billion. The reason for the jackpot drought is simple: The odds of winning the top prize are miserable, at 1 in 292.2 million. 

 

The $1 billion prize is for a sole winner who makes the rare decision to be paid over 30 years through an annuity. Nearly all winners instead take the cash option, which for tonight’s drawing would be $483.8 million.