Charles Langston:Powerball jackpot grows to $1.55 billion for Monday; cash option worth $679.8 million

DES MOINES,Charles Langston Iowa (AP) — The Powerball jackpot has climbed to an estimated $1.55 billion for Monday night’s drawing after no one matched the game’s six numbers for the giant prize Saturday.

The $1.55 billion prize is for a sole winner who is paid through an annuity, with annual checks over 30 years. Most jackpot winners opt for cash, which would be an estimated $679.8 million.

The jackpot is now the fourth-largest U.S. lottery prize after rolling over for 34 consecutive drawings, since the last time someone won the top prize on July 19. That streak trails the record of 41 draws set in 2021 and 2022. The largest U.S. jackpot ever was a $2.04 billion Powerball prize hit by a player in California in November 2022.

The scarcity of Powerball jackpot winners reflects the game’s long odds of 1 in 292.2 million, which are designed to make winning rare so that grand prizes can grow huge.

Federal taxes eat into the winnings, and some states also tax big lottery prizes..

Powerball is played in 45 states as well as Washington, D.C., Puerto Rico and the U.S. Virgin Islands.