Why the $1.5 billion Powerball jackpot is the latest in a growing list of stratospheric lottery payouts
If more lottery jackpots seem to be hitting new heights in recent years, it's not your imagination.
After no ticket matched the winning numbers drawn in Wednesday's Powerball drawing, the jackpot has now grown to an estimated $1.5 billion — the seventh largest jackpot in the history of Mega Millions and Powerball, with eight of the top 10 jackpots occurring since 2022.
This is the fourteenth lottery jackpot prize to surpass $1 billion. The first jackpot to exceed $1 billion was won in 2016.
The next Powerball drawing will be held on Saturday.
So, why are lottery jackpots hitting stratospheric dollar amounts in recent years?
One reason is that Mega Millions and Powerball have hiked the prices of single play tickets, assuring consumers that this will mean larger jackpot prizes. But the odds of winning the jackpot have also gotten lower as the games have been redesigned, according to the Multi-State Lottery Association.
Mega Millions raised the cost of tickets twice, most recently to $5 each in April — up from $2. Prior to that, Mega Millions had hiked its prices in 2017 from $1 to $2, according to Mega Millions.
"We expect more billion-dollar jackpots than ever before, meaning creating more billionaires and many more millionaires as the jackpots climb, plus this game will continue the important legacy of supporting great causes everywhere Mega Millions is played," Joshua Johnston, lead director of the Mega Millions Consortium, said in a statement at the time.
Mega Millions’ jackpot prize also starts at $40 million, not $15 million. To improve the odds of winning the jackpot slightly this year, Mega Millions reduced the number of the gold Mega ball to 1 to 24 — the range was previously 1 to 25, according to Mega Millions.
Powerball tickets currently cost $2 per play. Powerball most recently hiked its prices in January 2012, from $1 to $2 for a single play.
In 2015, Powerball increased the number of its white balls from 59 to 69. This reduced the likelihood of matching all the balls to win the jackpot, but increasing the chances of winning smaller prizes.
Jackpot winnings continue to grow as no winner is selected with each drawing. The current $1.5 billion prize up for grabs has been rolling over for 44 consecutive drawings where no jackpot winner was selected. The Powerball jackpot was last won on Sept. 6 by two tickets in Missouri and Texas that split a $1.787 billion prize, according to Powerball.
10 largest lottery jackpots
1. $2.04 billion — Powerball jackpot won on Nov. 7, 2022
2. $1.787 billion — Powerball jackpot won on Sept. 6, 2025
3. $1.765 Billion – Powerball won on Oct. 11, 2023
4. $1.602 Billion – Mega Millions won on Aug. 8, 2023
5. $1.586 billion — Powerball jackpot won on Jan. 13, 2016
6. $1.537 billion — Mega Millions won on Oct. 23, 2018
7. Estimated $1.5 billion — Powerball jackpot — no winner yet
8. $1.348 Billion – Mega Millions won on Jan. 13, 2023
9. $1.337 Billion – Mega Millions won on July 29, 2022
10. $1.326 Billion – Powerball won on April 6, 2024
