The annuity is paid in 30 graduated installments over 29 years with each annuity payment increasing 5% annually, whereas the lump sum payment usually less than the annuity is paid all at once.
Powerball jackpot winners have the choice of taking the annuity or lump sum cash prize. Powerball's minimum jackpot starts at $20 million annuity. Eastern Time some lotteries cut off sales earlier. The official cutoff for ticket sales is 10:00 p.m. Each play costs $2 or $3 with the Power Play option which allows players to increase the payout of their winning numbers. Since October 7, 2015, the game has used a 5/69 (white balls) + 1/26 (Powerballs) matrix from which winning numbers are chosen, resulting in odds of 1 in 292,201,338 of winning a jackpot per play. Eastern Time, at the Florida Lottery's headquarters in Tallahassee. Monday drawings were added to help boost sales and increase jackpot amounts. From 1992 to 2021, Powerball drawings were held biweekly on Wednesdays and Saturdays. It is overseen by the Multi-State Lottery Association (MUSL), which also manages other large jackpot games such as the Mega Millions. Powerball is an American lottery game offered by 45 states, the District of Columbia, Puerto Rico and the U.S.
