April 4, 2024 3 min read

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Powerball Jackpot Skyrockets to $1.23bn for Upcoming Draw

Surviving the drawing on Wednesday enabled the grand prize from the popular lottery game to increase to the mind-blowing $1.23 billion

For four months, the jackpot of the popular lottery game in America, Powerball, evaded the players. After surviving on Wednesday, when the latest drawing of Powerball was, the jackpot is now estimated at $1.23 billion for the upcoming draw on Saturday. This mind-blowing sum makes him the fourth largest in the history of the game.

The $1.23 billion figure represents the total prize if a player agrees to annual installment payments. On the other hand, if anyone guesses correctly the winning numbers, they can also collect a lump cash sum, which in this case would be the staggering $595.1 million.

The estimated jackpot comes during one of Powerball’s longest-running streaks without a winner. The upcoming drawing, scheduled for Saturday, April 6, 2024, would mark the 41st draw for the game. Previously, only two other jackpot runs have reached 41 drawings before a jackpot winner was produced.

The last time a player hit the Powerball jackpot was on New Year’s Day. At the time, a lucky lottery player from Michigan hit the whopping $842.4 million jackpot. Although $842.4 million is a hefty sum, the jackpot was the sixth largest from the popular lottery game.

In case the $1.23 billion jackpot survives on Saturday, there is a possibility for it to surpass the value of the third-largest grand prize from Powerball, $1.59 billion. The third-largest jackpot dropped back in 2016, while the second-largest was hit in October 2023, a staggering $1.77 billion. The largest jackpot prize from Powerball was won on November 7, 2022, when a player from California hit the unimaginable $2.04 billion.

More Lottery Players Show Interest in the Grand Prize

Drew Svitko, Powerball’s product group chair and executive director of the Pennsylvania Lottery, revealed that the growth of the grand prize from the game boosts the probability of a win by attracting more players. “We expect to see more coverage of number combinations in Saturday’s drawing as more players buy tickets, and a portion of every ticket sale will stay in-state to support public programs and services,” he added.

As the jackpot swells, so does the probability of someone winning.

Drew Svitko, product group chair at Powerball

Undoubtedly, the interest in Powerball continues to climb with the increase of the jackpot. This is evident by data from the popular lottery, revealing that on Wednesday, nine players missed the jackpot by guessing correctly all five winning white balls. As a result, those players secured a second-tier $1 million prize each. There were two such winning tickets in California and Massachusetts, while Georgia, Maryland, New Jersey, Washington and South Carolina had a single winner each. Within the prizes from the lower tiers, some 64 tickets secured a $50,000 prize each, while 17 tickets won $150,000 prize each.

Co-editor

William Velichkov is a research-driven writer. His strengths lie in ensuring factual accuracy, vetting government documentation and reaching out to regulators and other officials. He is particularly fond of financial reporting, the sports betting industry, B2B partnerships and esports betting developments. William is a strong asset to the GamblingNews team as he adds a bedrock to our reporting.

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