Powerball jackpot rises to $825 million, 5th largest in US history, ahead of Saturday night drawing

DES MOINES, Iowa– A huge lottery jackpot got a little bigger on Friday as the top Powerball prize before Saturday night’s draw climbed to an estimated $825 million.

The Powerball jackpot is the fifth largest in US history, although it’s worth remembering that it got this big because no one has matched all six numbers since August 3rd. That’s 36 consecutive draws without a jackpot winner.

Why the extended winning streak? Because the odds of winning the jackpot are miserable at 292.2 million. The long odds are designed to limit jackpot winners, which in turn causes the top prize to be so big.

The $825 million prize is for winners who choose to take their wealth through an annuity paid annually for 29 years. Almost all of the winners opt for cash, which would be an estimated $410.2 million for Saturday’s draw.

These gains would also be subject to federal taxes. Many states also tax lottery winnings.

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