Have you got your Powerball ticket yet?
There’s a record $1.9 billion jackpot at stake in this Monday’s drawing. Here’s what you need to know if you’re going to play, according to the Multi-State Lottery Association, which helps oversee the game.
How does Powerball work?
It costs $2 to play per ticket. To win the jackpot, you must match five numbers between 1-69 (the white balls) and then separately match the Powerball number (the red ball), which is between 1-26. You can pick the numbers yourself, but you can also ask for a quick-pick ticket in which the numbers are generated for you.
There are prizes beyond the jackpot, of course. You can win as little as $4 for matching the Powerball number alone. Other prizes vary depending on how many numbers you match.
Players also have the ability to increase their potential winnings by adding a $1 Power Play option, but this doesn’t apply to the jackpot prize.
What are the odds of winning the jackpot?
You’re looking at some pretty tall odds — 1 in 292.2 million. But the chance of winning any prize ($4 and up) is much better — 1 in 24.9.
What are the options for the jackpot payout?
You can opt for a lump sum, which would be about half the $1.9 billion jackpot. In the case of Monday’s drawing, if there’s only one winner, that figure will be $929.1 million. But you can also opt for annuity payments, which means you’ll receive an immediate payment followed by 29 annual payments that increase by 5% each year. For the $1.9 billion jackpot, the first annuity payment is estimated to be roughly $28 million and the final payment would be estimated at roughly $117 million.
Where can you buy a ticket?
Powerball is offered at lottery retailers in 45 states and is also available in Washington, D.C., the U.S. Virgin Islands and Puerto Rico. Some states also allow for online purchase of tickets.
When does the drawing take place?
At 10:59 p.m. EST.
Up till what time can you buy a ticket?
The answer varies depending on the jurisdiction. The Multi-State Lottery Association says the cutoff typically occurs 1-2 hours before the scheduled. drawing.
Are you required to be a U.S. resident to purchase a ticket? Or a resident of the state in which the ticket is purchased?
The Multi-State Lottery Association says you do not need to be U.S. resident to purchase a ticket or a resident of the state. But there may be other eligibility requirements, such as an age requirement.
Can you watch the drawing live?
Yes, it’s carried by many television stations across the country (check local listings). Recorded video of the drawing is also posted to the Powerball YouTube channel within minutes of the completed draw.
If you win the jackpot, can you remain anonymous?
The rules vary by jurisdiction, but the Multi-State Lottery Association says in some states the winner is allowed to remain anonymous. But the association notes that the winner’s identity must be known to the lottery, so officials can verify the ticket was legally purchased and the ticket holder meets eligibility requirements.