Powerball U.K. Sales Could Make For Much Bigger Jackpots
Wednesday night’s Powerball lottery drawing will be the first since ticket sales expanded to the United Kingdom, and the more people eligible to take part means jackpots could grow more quickly.
Powerball opened ticket sales to United Kingdom residents earlier this week, the first time non-U.S. lottery players can try to win the massive jackpot.
Rebecca Paul, president and CEO of the Tennessee Lottery, said earlier this month the more players buying tickets means “faster-growing jackpots,” as ticket sales contribute toward the prize fund.
Each Powerball ticket sold in the United Kingdom will contribute to the grand prize the same amount that a ticket sold in the United States would, Powerball says.
Odds of winning money will not change, Powerball says, because the numbers players must choose from when purchasing a ticket—five numbers between one and 69, and one red Powerball number between one and 26—will remain the same.
Lucky players in the United Kingdom who win won’t have the option to select a lump-sum payment, unlike American players. In the United States, winners can select between a single lump payment and annual payments over a period of 30 years, with annual payments increasing by 5%. United Kingdom-based payers will only have the option to receive payments annually for 30 years, with payments administered by the U.K. National Lottery. The annual payment plan is the less popular option, even though it pays out more money over time—most Powerball winners have opted for the cash payment.
$567 million. That’s the estimated Powerball jackpot for Wednesday night’s drawing, after there were no jackpot winners in Monday’s drawing. A winner would earn $567 million after 30 years if they choose the annual payment option, but if a winner opts for the lump-sum cash payment, they would earn $251.8 million before taxes—which could then cut the prize down to a final take-home amount of about $158.6 million.
A miniscule one-in-292.2 million, according to Powerball. American and British players will have the same odds to win the jackpot. The odds of winning any prize are one in 24.9, Powerball says.