Powerball reaches $700M jackpot ahead of Saturday’s drawing

Here’s how, when to watch the drawing live

FILE - A rack with cards bettors can use to choose their own numbers to purchase lottery tickets for the Saturday Oct. 29, drawing of the Powerball lottery, are seen on a counter at a market in Prospect, Pa., Friday, Oct. 28, 2022. (AP Photo/Keith Srakocic) (Keith Srakocic, Copyright 2022 The Associated Press. All rights reserved)

The drawing for yet another giant lottery jackpot is approaching with hundreds of millions of dollars on the line.

The Powerball jackpot has reached an estimated $700 million as of Friday, Feb. 3 -- one day before the next drawing. The large prize has been growing since November 19, 2022, when the last Powerball jackpot was won.

As the jackpot grows, so do the odds to actually win it. The odds of winning the Powerball at this prize is one in 292.2 million, the AP reports.

Should you win the $700 million jackpot, the take-home, one-time prize would actually be about $375.7 million. A winner would have to choose to receive the prize over a 29-year period through an annuity to get the full jackpot amount.

The next Powerball drawing will take place at 10:59 p.m. on Feb. 4. Here’s what to know about the drawing.

When is the deadline for buying a Powerball ticket?

Sales cut-off times vary by selling jurisdiction. Please check with your local lottery for more information. In Michigan, Powerball tickets may be purchased until 9:45 p.m. Saturday at retailers throughout the state. Tickets also may be purchased online at MichiganLottery.com.

What days and times are Powerball drawings?

The Powerball drawing takes place at 10:59 p.m. on Monday, Wednesday, and Saturday.

How can you watch the Powerball drawing live?

Powerball drawings may be watched live online at: http://www.powerball.com.

Do you have to match the Powerball numbers in the exact order drawn?

Powerball tickets print the white ball numbers in numerical order of a given play. You can match the white ball numbers in any order of a given play to win a prize. The red Powerball number of a given play on your ticket must match the red Powerball drawn. Each play on a ticket is separately determined; players cannot crisscross play lines on a ticket or combine numbers from other tickets.

How is the Powerball jackpot calculated?

While there are many factors that determine the advertised Grand Prize estimate in the Powerball game; two important ones are games sales and the annuity factor.

A number of variables can affect game sales, such as seasonality or a big Mega Millions jackpot. Traditionally, game sales are stronger for a Saturday drawing versus a Wednesday drawing.

The annuity factor, or the cost to fund an annuity prize, is another key component. The annuity factor is made up of interest rates for securities purchased to fund prize payments. The higher the interest rates, the higher the advertised Grand Prize. You might not realize that an economic reality like interest rates impact even the Powerball jackpot, but they do.

About the Author:

Cassidy Johncox is a senior digital news editor covering stories across the spectrum, with a special focus on politics and community issues.