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Business News/ News / World/  Jackpot worth 8,206 crore goes to lucky winner: One of the biggest ever in Powerball history
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Jackpot worth ₹8,206 crore goes to lucky winner: One of the biggest ever in Powerball history

A $1-billion Powerball jackpot was won in a drawing on July 19, making it one of the biggest in the game's history. The winning ticket was sold in Los Angeles.

The odds of winning the Powerball jackpot stand at one in 292.2 million people.Premium
The odds of winning the Powerball jackpot stand at one in 292.2 million people.

A staggering $1-billion ( 8,206 crore) Powerball jackpot was won in a drawing held on July 19, making it one of the biggest ever in the game's history. The lucky numbers drawn were 7-10-11-13-24, with the Powerball number being 24. The winning ticket was sold at Las Palmitas Mini Market in downtown Los Angeles, as reported by the California Lottery's website.

The odds of winning the Powerball jackpot, according to the Multi-State Lottery Association, stand at one in 292.2 million people.

Initially estimated at $1 billion, the final jackpot amount reached a whopping $1.08 billion by the time of the drawing on Wednesday night. If the fortunate winner chooses the lump sum option, they will receive $558.1 million ( 4,582 crore) before taxes, NBC News reported.

Also Read: Lucky draw jackpot: Man wins 365 days of paid leave

This recent jackpot surge marked only the third time in Powerball's history that it surpassed the $1-billion mark. The game has been captivating players since its inception in 1992. Prior to this massive win, the jackpot had last been claimed on April 19. The jackpots keep increasing with each unsuccessful attempt to secure the top prize.

Powerball's rules were modified in 2015 to make it more challenging to win the jackpot but to increase the likelihood of winning other prizes. The odds of winning the jackpot were adjusted from 1 in 175 million to 1 in 292 million, a figure that remains in effect today. Similar changes were also implemented in Mega Millions in 2017 to boost jackpots and odds.

Also Read: After no Powerball jackpot winners on Monday, prize money jumps to $725 million

In Powerball's history, the two largest jackpots ever won were $2.04 billion (around 16,886 crore) in November 2022 and $1.586 billion (around 10,646 crore as per the dollar rate of that period) in June 2016.

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ABOUT THE AUTHOR
Sounak Mukhopadhyay
Sounak Mukhopadhyay, who also goes by the name Sounak Mukherjee, has been producing digital news since 2012. He's worked for the International Business Times, The Inquisitr, and Moneycontrol in the past. He's also contributed to Free Press Journal and TheRichest with feature articles. He covers news for a wide range of subjects including business, finance, economy, politics and sports. Before working with digital news publications, he worked as a freelance content writer.
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Published: 20 Jul 2023, 11:27 AM IST
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