Powerball has officially arrived in the UK, with a staggering £300million jackpot up for grabs in the first draw accessible to British players tomorrow (July 23).
Tickets cost £4 each, with players having until 11.55pm tonight (July 22) to enter and compete alongside those in the US, where Powerball is known for producing some of the world's biggest lottery jackpots.
Players must select five main numbers between one and 69 and a Powerball number between one and 26, or opt for a Lucky Dip. Ticket sales usually close at 11.55pm every Monday, Wednesday and Saturday, with draws taking place in the Florida Powerball studio and results available at around 4am UK time on Tuesdays, Thursdays and Sundays.
What Powerball prizes could you win?
There are 10 ways to win a Powerball prize, ranging from matching two main numbers to correctly predicting all five main numbers and the Powerball.
The £1million prize for matching five main numbers and the £8 prize for matching two main numbers are fixed, while the amounts shown for other prize tiers are estimated and can vary.
The prize breakdown is:
- Five main numbers + Powerball: Jackpot – estimated at £300million for the first draw, paid over 30 years
- Five main numbers: £1million
- Four main numbers + Powerball: Estimated £33,000
- Four main numbers: Estimated £1,000
- Three main numbers + Powerball: Estimated £500
- Three main numbers: Estimated £52.10
- Two main numbers + Powerball: Estimated £30.80
- One main number + Powerball: Estimated £15.30
- Powerball only: Estimated £11.90
- Two main numbers: £8
How is the £300million Powerball jackpot paid?
Anyone lucky enough to land the £300million jackpot in the first draw will not receive the entire sum immediately. Instead, the jackpot will be paid in annual instalments over 30 years, providing the winner with a long-term income.
Should a winner die before receiving all of the payments, the remaining money will be paid to their estate.
Winners can choose for their first payment to be either 1% or 2% of the applicable jackpot prize fund. The remaining amount is then used to purchase a 29-year annuity, with payments made annually.
The payments will not be equal, however, as the annuity is "stepped", meaning the amount paid to the winner will increase each year. Once the annuity policy has been set up, it cannot be changed, surrendered or cashed in.
How likely are you to win Powerball compared to other lotteries?
Despite the enormous sums potentially on offer, a statistics expert has warned players that the chances of making money from regularly entering lottery draws remain slim.
Ben Parker, a senior lecturer in statistics at Brunel University of London, said: "Your long term fate is almost surely to lose. In the new Powerball you’ll win less often than the Euromillions or the old fashioned National Lottery, but if you do win you’ll win a bigger amount."
According to Mr Parker, someone playing Powerball three times a week for 10 years would enter around 1,500 draws and spend approximately £6,000 on tickets. On average, however, they would receive around £3,000 back in winnings, although the amount any individual player receives will depend on their results.
