Powerball's minimum advertised jackpot is $20 million.
On January 13, 2016, Powerball produced the largest lottery jackpot in history; the $1.586 billion jackpot was split by three tickets.
Based on statistical projections, the average jackpot win increased from $95 million to $141 million. Over 3.5 million additional prizes were expected to be won yearly due to the change in probability. The starting jackpot increased to $20 million, with minimum rollovers of $5 million. The jackpot contribution increased from 30.3% to 32.5% of total sales. Full Powerball Jackpot Analysis is now available and you can dig deep into the lottery jackpot amounts and taxes.
The American Powerball lottery is currently offering a jackpot prize worth ₹ 28 billion (equivalent to $394 million USD), the largest lottery prize in the world. Millions of players in the United States are queuing in long lines to buy Powerball tickets as the jackpot keeps climbing.
On the other hand, Mega Millions is the second largest lottery in USA. Check Mega Millions Jackpot Analysis for more details.
Generally, Powerball players do not have to choose cash or annuity unless they win a jackpot (then they usually have 60 days to choose).
Because of the COVID-19 pandemic in the United States and resulting drop in ticket sales plus the falling interest rates on which annuity prizes were based, Powerball administrators reduced the minimum starting jackpot to $20 million, and the minimum increase to $2 million when the previous jackpot is not won.