The Powerball jackpot rose to an estimated $35 million for the Monday, August 17, drawing after no ticket matched all six winning numbers in the previous draw. If no player wins the jackpot again, the massive prize will roll over to the next drawing and continue to grow. However, the jackpot is not the only way to win. Powerball players can also claim smaller cash prizes by matching fewer numbers, with payouts depending on the combination matched.
The advertised $35 million prize is based on the annuity option, which is paid in annual installments over 30 years. Winners can instead choose a lump-sum cash option estimated at $15.2 million, before federal and applicable state taxes. According to Powerball, the odds of hitting the jackpot are about 1 in 292.2 million. Even with those extremely low odds, the chance to win a life-changing fortune continues to draw millions of players.
