Powerball jackpot nears $1 billion after long drought of winners

DES MOINES, Iowa (AP) — Another Powerball drawing Saturday night, another chance at a jackpot that is inching toward $1 billion.

The estimated $960 million prize is the world’s ninth-largest lottery jackpot, behind earlier Powerball and Mega Millions prizes that all topped $1 billion.

The prize has grown so large because there have been 30 consecutive drawings without a big winner, dating to July 19. That streak without a jackpot winner is due to the game’s long odds, 1 in 292.2 million, that are designed to make winning rare so grand prizes can grow large.

The $960 million prize is for a sole winner who chooses an annuity, with annual payments over 30 years. Winners almost always take the cash option, which for Saturday’s drawing would be an estimated $441 million.

Federal taxes will eat into those winnings, and some states also tax big lottery prizes.

Powerball is played in 45 states, as well as Washington, D.C., Puerto Rico and the U.S. Virgin Islands.