US Powerball jackpot grows to $1.6 billion, largest lottery prize in history | US News

Strong sales pushed the Powerball jackpot to around $1.6bn (£1.3bn), making it the largest lottery jackpot in history.

There will be a raffle tomorrow night for prizes that have not been won for more than three months.

The 39 consecutive draws without a jackpot reflect the tough odds of winning the jackpot – 1 in 292.2 million.

It is because of such big odds that the jackpot becomes so big.

The new jackpot surpasses the $1.586 billion in prizes won by three Powerball players in California, Florida and Tennessee in 2016.

In terms of what the money actually is, if you stack $1.5 billion in a $100 bill, it’ll be nearly 5,375 feet (or over a mile) tall, according to Powerball.

If you win $1.6 billion, you can easily buy Windsor Castle.

Image: Kristopher Radder/The Brattleboro Reformer via AP)
Image: Kristopher Radder/The Brattleboro Reformer via AP)

The castle’s current estimated market value is around £497.5 million ($561.9 million), according to estate agent comparison site GetAgent.

The Burj Khalifa, the world’s tallest building in Dubai, has a total construction cost of $1.5 billion and is 2,717 feet tall.

The jackpot is played in 45 US states, as well as Washington, DC, Puerto Rico and the US Virgin Islands.

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US Powerball jackpot tops $1 billion ahead of Halloween night draw

But five states: Utah, Nevada, Hawaii, Alaska and Alabama have no lotteries. They are held back for a variety of reasons, including opposition from conservatives, concerns about the impact on low-income households or a desire not to compete with existing gaming operations.

The advertised jackpot is the prize for the winner of the choice annuity, paid out annually for 29 years.

Nearly all winners opted for a cash prize, which was estimated at $782.4 million in Saturday night’s draw.

Winners of huge jackpots almost always take cash, which financial advisers say could be a mistake.

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