Powerball nears record with US$1.4 billion jackpot for Wednesday’s drawing

There have been 40 drawings since the jackpot was last won in May. (Patrick T. Fallon/AFP/Getty Images via CNN Newsource)

The Powerball jackpot for Wednesday night’s drawing has soared to an estimated US$1.4 billion, the fourth-biggest in the lottery’s history, after no one claimed the top prize earlier this week.

The jackpot is also the sixth-largest among all U.S. lottery jackpots. The $1.4-billion figure represents the winnings of those who choose to receive the payment in 30 annual installments, distributed over 29 years, that grow in size over time. Any winner can instead choose a lump-sum cash payment, estimated at $634 million. The estimates were increased Wednesday morning after Powerball reviewed its ticket sales.

• Are Canadians eligible for the jackpot? Read more

There have been 40 drawings since the jackpot was last won in May and Wednesday will mark the 41st. That’s almost the longest run in Powerball’s three-decade history: The record is 42 consecutive drawings without a winner, set last year.

As the jackpot climbs in size, so have sales. Powerball’s ticket sales saw a 175.4 per cent increase for Monday’s $1.1 billion jackpot compared to the previous Monday drawing August 25, which advertised a $750 million jackpot.

While the top prize has climbed upward, the odds of winning have not, and they hover at around 1 in 292 million. The odds relate to the number of balls used in the drawing, which have changed over time, pushing down the odds of winning the jackpot – though the chances of a tie, when two or more people select the same winning numbers, increases as more tickets are sold.

Any jackpot winner will also be staring at a tax liability that could reach hundreds of millions of dollars, depending on the state they live in and how they receive their winnings.

Powerball tickets sell for $2 and can be bought in 45 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands.

The next drawing is scheduled for Wednesday night at 10:59 p.m. ET.

By Gordon Ebanks, CNN