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

Powerball will match a record for lottery drawings Saturday night 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, the 8th largest in U.S. lottery history. And it's 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.

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The last time someone won the Powerball jackpo...