The Powerball lottery jackpot is expected to surpass $1 billion after no winning tickets were sold. Smaller winning tickets, which pay out around $1-$2 million, were sold in several states over the weekend and during Monday night’s drawing.
A $1 million ticket was sold in Parachute, Colorado on Saturday. On Monday, someone in Georgia won $2 million on a Powerball ticket as well as a $1 million ticket in Tampa, Florida. But, because no one won the big jackpot, it is expected to grow beyond $1 billion in Wednesday’s drawing.
Because of the nature of the lottery, the higher the jackpot gets, the more people buy tickets, thus increasing the jackpot further, but making it harder to win. Last November, the Powerball lottery kept growing and gaining more buzz, eventually setting records with a $2 billion jackpot.
Read Also: The $900 Million Powerball Is A Mirage: How Taxes Could Shrink Your Dream Jackpot
Wednesday’s Powerball drawing will be the seventh-biggest lottery jackpot in the United States, according to the New York Times. The major jackpots, usually Powerball or Mega Millions, have recently gotten bigger due to rule changes and higher ticket prices.
But, if someone is lucky enough to win Powerball’s $1 billion jackpot, they will not be going home with nearly that much money. Taxes will take out a significant chunk of the winnings, but hey, that’s still a good problem to have.
When Is The Next Drawing? The next Powerball drawing will be at around 11 p.m. ET Wednesday night. More information can be found on Powerball’s website here.
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