Jan 2, 2024 - Business

Powerball jackpot won by Michigan ticket in year's first drawing

lottery game slips for Powerball and Mega Millions

The Jan. 1 Powerball jackpot was worth an estimated $842.4 million. Photo: Joe Raedle/Getty Images

The first Powerball drawing of the new year resulted in a ticket sold in Michigan matching all six numbers.

Why it matters: The jackpot, worth $842.4 million, was the fifth-largest Powerball jackpot and the tenth-biggest U.S. lottery jackpot ever won, officials said Tuesday in a statement.

  • The jackpot's cash value is $425.2 million.

The big picture: Bigger prizes — and fewer jackpot winners — have become the norm for Powerball and Mega Millions in the past few years after the two lotteries made the games harder to win and more enticing to play.

  • There were five grand-prize Powerball jackpot winners in 2023, including two prizes that were over $1 billion.

Flashback: The Powerball jackpot had been growing since mid-October and Monday was the 35th drawing of the jackpot run.

Reality check: It’s the first time a Powerball jackpot has been won on New Year's Day since the game started in 1992, lottery officials said.

Powerball numbers for Jan. 1 drawing

The winning numbers in Monday's drawing were 12, 21, 42, 44, 49 and red Powerball 1.

Powerball jackpot annuity option versus cash

How it works: Powerball jackpot winners can choose an "annuity option" or a lump sum cash payout.

  • The annuity option is an annual payout over 30 years, with the sum paid out rising by 5% each year.
  • The jackpot size is not the amount in the prize pool but rather the size of all those 30 payments added together.

Powerball prize amounts for matching numbers

By the numbers: Here are the prize amounts for matching numbers with and without the Powerball for all drawings:

  • Powerball: $4
  • One number and Powerball: $4
  • Two numbers and Powerball: $7
  • Three numbers: $7
  • Three numbers plus Powerball: $100
  • Four numbers: $100
  • Four numbers plus Powerball: $50,000
  • Five numbers: $1 million
  • Five numbers plus Powerball: Jackpot

Yes, but: Prize amounts are higher for players spending $1 extra for Power Play.

Powerball odds

The odds of winning the Powerball jackpot are 1 in 292.2 million.

  • The overall odds of winning a prize are 1 in 24.9.

States to play Powerball

Powerball tickets are sold in 45 states, Washington, D.C., Puerto Rico and the U.S. Virgin Islands.

  • Alabama, Alaska, Hawaii, Nevada and Utah do not participate in the lottery.

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