Science Fair Project Encyclopedia
Powerball
- For the toy Powerball, see Gyrotwister.
Powerball is an American lottery operated by the Multi-State Lottery Association (MUSL), a consortium of lottery commissions in 28 states, the District of Columbia, and the U.S. Virgin Islands. Although the MUSL has 30 members, only 26 actually participate in Powerball (24 states, DC, and the Virgin Islands).
Powerball drawings are held every Wednesday and Saturday at the MUSL's headquarters in Urbandale, Iowa, normally at 10:59 pm Eastern Time. Drawings are occasionally scheduled at remote locations; when this occurs, the time may be adjusted, but the day remains the same.
To play the game, a player pays one dollar and picks five distinct numbers from 1 to 53 and one number from 1 to 42, (the Powerball number). The player wins according to the following:
| Matches | Payoff | Odds of winning |
|---|---|---|
| powerball only | $ 3 | 1: 70 |
| 1 number and powerball | $ 4 | 1: 124 |
| 2 numbers and powerball | $ 7 | 1: 697 |
| 3 numbers but no powerball | $ 7 | 1: 261 |
| 3 numbers and powerball | $ 100 | 1: 10,685 |
| 4 numbers but no powerball | $ 100 | 1: 12,249 |
| 4 numbers and powerball | $ 5,000 | 1: 502,195 |
| all 5 numbers but no powerball | $ 100,000 | 1: 2,939,677 |
| all 5 numbers and powerball | Jackpot | 1: 120,527,770 |
The player also has the option to choose a multiplier between 2 and 5 called Power Play. This multiplier is also chosen randomly.
Overall odds of winning a prize are 1:36
Jackpot winners have the option of receiving an annuity prize or a single lump sum cash payment. The minimum jackpot prize is a US$10 million annuity disbursed in 30 payments over 29 years. The lump sum payment is typically approximately half the annuity value.
Jack Whittaker
West Virginian Andrew "Jack" Whittaker claimed the largest jackpot to date on December 26, 2002. The annuity value was US$314.9 million, but he chose the lump sum option and received US$113 million after taxes. He used his money for charity, forming the Jack Whittaker Foundation and giving away $14 million in the first year. He built a new church, the Tabernacle of Praise, in his home town of Hurricane, West Virginia. But his new wealth also caused problems. He was arrested for drunk driving on Interstate 64 once, and on December 20, 2004, Jack's granddaughter Brandi was found dead of a drug overdose.
References
- April Witt (January 30, 2005). "Rich Man, Poor Man". The Washington Post Magazine, page 14.
External links
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