The Powerball jackpot continues to rise, as there were no winners in the Saturday, April 14 drawing, meaning the next drawing, on Wednesday, April 18, 2012 will be for $131 million annuity, $81.4 Million cash value.
The Saturday drawing had been for $113 million annuity, with a cash value of $68.4 Million. The winning numbers were 14-15-16-19-24 with a Powerball of 2.
Despite the lack of a big winner, there were six, that's right six, new millionaires minted after Saturday's drawing, as well. Five of winners took home the second place prize of $1 million, but one utilized the Power Play option and became a multi-millionaire, with the Power Play value of $2 million. The winners were one from Florida (with the Power Play option), one from New Mexico, one from Pennsylvania, and one from Wisconsin.
The Power Play option is an addition $1 optional pay-in fee that raises the payout with a multiplier, one which is constant for each tier. The only tier without a Power Play multiplier applicable is the jackpot. If you win a tier, you get that value + the multiplied value, if you've opted for the Power Play option. The multiplier is constant, but varies from tier to tier; prior to the Jan. 15, 2012 rules changes, the multiplier was randomly selected for each drawing.
Powerball's last big jackpot was won on Feb. 11, 2012. The annuity jackpot was $336.4 million, Powerball, which wasn't an annuity record for Powerball, but the cash value, of $210 million one. One winner was crowned in Rhode Island. Winner Louise White of Newport chose the cash payout of $210 million.
Of course, that jackpot pales in comparison to the recent Mega Millions jackpot, which crossed the half a billion dollar barrier and set all-time overall records for both annuity and cash value. That jackpo was for $656 million on an annuity basis, with a cash payout of $417 million. It was won on March 30, 2012 by three tickets:, one in Maryland, one in Kansas and one in Illinois.
Differences between annuity and cash payouts in lotteries such as these (and not just Powerball or Mega Millions, but other lotteries, as well) exist because the lottery uses interest generated during the life of the annuity to fund the remainder of the jackpot value. Differences in estimates for the interest over the life of that annuity also explain why one jackpot may be a cash value record but not an annuity record.
On January 15, 2012, new rules were put into place for Powerball. They included the aforementioned changes to the Power Play multiplier, but also increased the entry fee from $1 to $2. At the same time, the odds of winning was improved slightly, with the overall estimate by lottery officials that the changes would mean a higher average jackpot.
They also increased the second tier winning payout to $1 million, virtually ensuring new millionaires each drawing.
Here is the table of winners for the Powerball drawing for Saturday, April 14, 2012. PB = Powerball.
|5-of-5 + PB||0||$113 Million||-||-|
|4-of-5 + PB||33||$10,000||8||$40,000|
|3-of-5 + PB||1,481||$100||303||$200|
|2-of-5 + PB||53,538||$7||11,682||$14|
|1-of-5 + PB||147,345||$4||29,618||$12|
|0-of-5 + PB||281,253||$4||55,098||$12|
Image Source: Wikimedia Commons
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