The Powerball lottery continues to grow in popularity, particularly because of its enormous jackpots that have resulted in numerous winners taking home over $1 billion.
With odds of winning the grand prize at 1-in-292 million, Powerball players remain hopeful, focusing on the slim chance of winning rather than the overwhelming odds against them.
Winners can opt for annuity payments over 29 years or a lump-sum payment, with rising bond yields impacting the net present value of these prizes.
The allure of massive prizes drives millions to play the Powerball, despite the odds being much more favorable for being struck by lightning than winning.
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