Powerball Jackpot Swells to $1.23 Billion, 8th Largest in Lottery History, as Winning Odds Hit 1 in 292 Million

Powerball jackpot reaches $1.23B, the 8th largest in U.S. lottery history, after 40 straight drawings without a winner
Long odds of 1 in 292.2 million make it unlikely anyone will win, allowing jackpot to keep growing to attract more players
Odds made tougher in 2015 to create bigger jackpots; easier to win smaller prizes
Winner can take annuity with immediate payment and annual payments over 29 years or estimated $595.1M cash prize
Large chunk of winnings would go to taxes, with top federal income tax rate at 37%