Since almost three decades ago, when it was introduced, the Powerball Lotto has become one of the most popular lottery games in the U.S.
Launched in 1992, Powerball was the official replacement for Lotto America, a multi-state lottery game introduced in 1988.
Despite stiff competition from different lotteries such as Mega Millions and Eurojackpot, the popularity of the Powerball Lotto has been constantly rising over the years.
The twin reasons behind the lottery’s success are the high minimum guaranteed jackpot amount of $40 million and different prize tiers. And if you don’t find these two reasons to be enough appealing, let us tell you that Powerball has produced the largest jackpot of $1.586 billion till date.
Powerball draws are conducted on Wednesday and Saturday every week at 10:59 PM EST.
When it was introduced, the lottery used 39 red balls. In 2015, the matrix was changed to 5/69 plus 1/26.
Winners have two options to receive payments. They can either ask to be paid a lump sum amount or agree to receive 30 graduated payments. Prizes of up to $600 in value are tax-free. Any amount exceeding this limit will be subject to federal withholding.
Additionally, winners will have to pay state taxes on their winnings.
Chances of winning a Powerball Lotto prize
The Powerball Lotto has nine prize tiers. To win the jackpot, a player must match all the six numbers. Those who can match even the Powerball alone take a fixed cash prize home.
The odds of a player winning the jackpot are 1 in 292,201,338. The chances of a player matching five numbers are 1 in 11,688,054. 1 in every 913,130 people matches four numbers plus the Powerball. The chances of a player matching four numbers are 1 in 36,525. 1 in every 14,494 players matches three numbers plus the Powerball. The odds of a player matching three numbers plus the Powerball are 1 in 580. 1 in every 701 players matches two numbers plus the Powerball. 1 in every 92 players matches one number plus the Powerball. The chances of a player matching just the Powerball are 1 in 38.
Players who are ready to spend an additional amount of $1 per extra play can avail the Powerplay option that multiplies their non-jackpot winning amount by up to 10 times.
The 10X multiplier, however, cannot be used when the advertised jackpot is $150 million or more.
Strategies to increase your chances of winning a Powerball Lotto prize
Trust the computer more often
When selecting your Powerball numbers, you will have two options.
You can either select your numbers yourself or let the system pick numbers on your behalf.
To improve your chances of winning a prize, learn to trust the computer more often.
If you observe the last Powerball Lotto results, you will find that around 70 percent of the winners used computer picks.
Play more consistently
One of the simplest things you can do to increase your chances of winning a prize is to play more often, because of the more you play, higher your chances of winning a prize.