The Powerball jackpot has hit $1 billion for the drawing on Saturday.
This is the sixth Powerball jackpot to hit the $1-billion mark in the lottery’s 33-year history.
Your odds of winning the jackpot are pretty low — only one in 292.2 million for the jackpot – but someone is going to win eventually.
If you do happen to win, you have a choice of how to collect your prize.
One option is one immediate payment, followed by 29 annual payments that increase by 5 percent each year, according to Powerball.
The other is a lump-sum payment, which is estimated at $453.1 million for the $1 billion jackpot.
Whichever option you choose, that’s before taxes.
If you play, you will have a lot of competition for the huge prize. Powerball tickets are sold in 45 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands.
The rules on whether your name and how much you won is made public depends on where you buy the ticket. Each jurisdiction has its own law, according to Powerball.
The jackpot has been growing since May 31 when a ticket sold in California won.
In fact, tickets to four of the five largest Powerball jackpots in history were sold in California.
Ten largest Powerball jackpots
- $2.04 billion
- $1.765 billion
- Oct. 11, 2023: California
- $1.586 billion
- Jan. 13, 2016: California, Florida and Tennessee
- $1.326 billion
- $1.080 billion
- July 19, 2023: California
- $1 billion (estimated)
- $842.4 million
- Jan. 1, 2024 – Michigan
- $768.4 million
- March 27, 2019 – Wisconsin
- $758.7 million
- Aug. 23, 2017 – Massachusetts
- $754.6 million
- Feb. 6, 2023 – Washington
Powerball drawings happen every Monday, Wednesday and Saturday at 7:59 p.m. PT. A ticket will cost you $2.
The owner of a downtown Los Angeles market was surprised when he found out he sold the winning Powerball ticket.
Allison Craig is a passionate sports writer and analyst with a deep love for game strategies, player performances, and the latest trends in the sports world. With years of experience covering football, basketball, tennis, and more, she delivers insightful analysis and engaging content for sports enthusiasts.
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