Powerball fever takes over US as the prize jumps to $1.6 billion, the highest ever

The Powerball craze has swept the United States as residents wait with bated breath for a prize that has soared to a massive 1.6 Billion dollars.

This year's prize as per AFP is the largest one ever and it has left many wondering what they would do with it if they won.

Watch |US Powerball on a roll

Dream homes, travel and helping others seems to be among the top ideas as per reports by AFP and Reuters.

Before this, in 2016, a 1.585 billion top prize was the biggest payout, which was split among three lucky ticket holders from California, Tennessee, and Florida.

According to the Powerball organisers, the odds of winning the jackpot are 1 in 292.2 million. Additionally, if two winners choose the same set of numbers, the jackpot would be split between them.

Here's how it works:

A Powerball ticket costs $2, and the jackpot, which on Saturday was estimated at $782.4 million, can be availed by the winner as a lump sum payout or alternatively they could choose to receive payments over a 30-year period.

For a single ticket holder to win, they must correctly predict the six numbers chosen in the drawing on Monday, including the final "Powerball."

If nobody has the lucky numbers, the top prize will increase even more.

However, as per AFP tax authorities take a huge chunk of the winning; around 40 per cent. What remains is still a pretty significant amount.

The most recent Powerball jackpot winner was a Pennsylvania ticket purchaser who collected a $206 million prize on August 3. Since then, there have been 37 consecutive lotteries without a grand prize winner.

(With inputs from agencies)

WATCH WION LIVE HERE