$1.6B Powerball jackpot: 5th largest in history, drawing Monday

Dreams of becoming a billionaire are still alive as the Powerball jackpot continues to grow.

A massive opportunity awaits Monday night as the Powerball lottery offers a grand prize that could change someone's life forever. The jackpot has soared to $1.6 billion, making it the fifth largest in the game's history.

If a winner chooses the cash option, they will walk away with $735 million.

The top prize in Powerball history was over $2 billion back in 2022. Interestingly, four of the five largest jackpots have occurred in the past three years, with the second-highest jackpot recorded just last month.

Why is Powerball generating such large jackpots compared to other games like Mega Millions? One key factor is the odds of winning. The Mega Millions is slightly easier to win, which means its jackpot grows at a slower pace.

Additionally, the cost of tickets plays a role. A Mega Millions ticket costs $5, while the Powerball ticket is only $2. More people are opting for the less expensive Powerball tickets, contributing to the rapid growth of its jackpot.

Since Mega Millions switched to $5 tickets in April, it has sold 495 million tickets. In contrast, Powerball has sold over 2 billion tickets during the same period.

For those hoping to win the $1.6 billion Powerball jackpot, remember to purchase tickets before Monday's drawing.

Powerball drawings take place every Monday, Wednesday and Saturday at 11 p.m. ET.