Powerball jackpot reaches $1.23B as long odds mean lots of losing, just as designed

FILE – (AP Photo/Wilfredo Lee, File)

Powerball is about to match a record for lottery drawings with a stretch of more than three months without a jackpot winner. It’s that string of futility that has enabled Powerball’s top prize to reach $1.23 billion for the next drawing Saturday night. That makes it the 8th largest prize in U.S. lottery history. It’s also a sign that the game is operating exactly as designed, with long odds creating a massive jackpot that entices people to drop $2 on a ticket. It means no one should ever expect to match all six numbers and hit it rich, though it’s likely someone eventually will.