The Powerball Lottery with its current name, launched in April 1992 and while it has gone through many changes since then, the Powerball is now one of the biggest American multi-state lottery draws. The popular American Lottery draw was played in just a few states of the US, but now it’s played in 44 jurisdictions of the US, and across the world on the Internet.

The Powerball Lottery is played twice weekly, every Wednesday and Saturday evening, and lottery jackpots for the draw start at a base $20 million. However, big rollover jackpots are a regular occurrence as Powerball rollovers are common. In early 2012, the Powerball Lottery went through a series of changes, and for the first time ever, the ticket price increased. The rules below are the new rules, brought in since those changes.

How to win the Powerball Lottery jackpot

During the Powerball Lottery draw, five main balls, between 1 and 55 inclusive are drawn; and one Powerball, between 1 and 35 from a separate ball pool. To win the Powerball Lottery jackpot you must match all five numbers and the Powerball to the ones draw in the draw.

There are smaller prizes available on the Powerball Lottery in addition to the lottery jackpot, and players can win between $3 for matching just the Powerball, up to the lottery jackpot for matching all five balls and the Powerball. Should you match just five main balls, you become an instant millionaire as the Match 5 prize is $1 million on the Powerball Lottery

The amount you win when you collect you big Powerball Lottery prize will depend on whether you choose the lump sum, or annuity option. Powerball jackpot winners will have to make the choice between collecting their jackpot in instalments year by year, or taking a smaller amount as a lump sum. Most big Powerball Lottery winners choose the lump-sum option, as the massive jackpots up for grabs, make up for any penalty for the lump sum option.

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Odds of winning the Powerball Lottery jackpot

Odds of winning the lottery jackpot in the Powerball Lottery draw are set at around 1 in 174 million, making it one of the most difficult lottery jackpots in the world to win. However, it’s these odds that make the lottery jackpots on the Powerball Lottery climb so high, and what makes this lottery draw popular around the world.

Overall odds of winning any prize in the Powerball Lottery draw stand at 1 in 35.11, so while the Powerball Lottery jackpot isn’t easy to win, you could still end up walking away with one of the smaller prizes.

Powerball Lottery Jackpots

As already mentioned, the Powerball Lottery draws have a reputation for being big and nine figure lottery jackpots are not uncommon. The current record Powerball Lottery jackpot to have been won is $587.5 million, which was was won 28th November 2012, with the record jackpot being taken home by two lucky ticket holders from Arizona and Missouri. This was easily the biggest lottery prize ever awarded on a single lottery ticket in an American Lottery, beating the previous record by over $200 million!

Taxes on Powerball Lottery jackpots

Powerball Lottery jackpots are taxable, and the amount you collect is considerably less than the lottery jackpots. Taxes vary on the Powerball Lottery from state to state, so you will have to check when you buy Powerball Lottery tickets.