Jackpot Surpasses 1.4 Trillion Won... Growing Excitement for US 'Powerball'

Jackpot Accumulated Over 2 Months... Second Highest Powerball Amount Ever
2016 Record High 2.26 Trillion Won Shared by 3 Winners

[Image source=Yonhap News]

[Asia Economy Reporter Kim Jung-wan] The jackpot for 'Powerball,' one of the two major lotteries in the United States, has surpassed $1 billion (1.4 trillion KRW). As the jackpot size grows, mainstream media such as The New York Times and The Washington Post have also started covering related news, drawing significant attention.

The New York Times (NYT) reported on the 31st (local time) that there has been no first-place winner for 37 consecutive Powerball drawings, which are held three times a week.

This is the second time in Powerball history that the jackpot has exceeded $1 billion. The jackpot amount increased over about two months starting in early August. The NYT noted that the $1.58 billion (approximately 2.26 trillion KRW) jackpot accumulated in 2016 is the largest first-place prize in the global lottery industry. At that time, the jackpot was split among three winners. The Washington Post stated, "As the odds decrease and the price of the lottery increases, the jackpot size is growing larger," and predicted, "Ultra-large jackpots will occur more frequently in the future."

The U.S. lottery market is dominated by Powerball and Mega Millions. Powerball is a lottery where players select 5 'white ball' numbers from 1 to 69 and 1 'Powerball' number from 1 to 26, for a total of 6 numbers. The odds of winning first place are 1 in 292.2 million. First-place winners can choose to receive their prize as an annuity paid over 29 years or as a lump sum payment, though the lump sum amount is reduced.

The Mega Millions lottery requires players to select 5 winning numbers from 1 to 70 and 1 Mega Ball bonus number from 1 to 25 to win first place. The odds of winning first place in Mega Millions are 1 in 325 million, which is even lower than Powerball. Mega Millions has had three jackpots exceeding $1 billion. The odds of winning first place in the Korean Lotto are about 1 in 8.14 million.

This content was produced with the assistance of AI translation services.