On Monday at 10:59 p.m. ET, the Powerball lottery will hold its 46th drawing since the last jackpot winner, offering a chance to claim an estimated $1.6 billion prize.
Record-Extending Draw
The upcoming drawing is the record-extending 46th since the previous jackpot was won. The prior record for the most drawings in a single jackpot cycle was 42. This streak has pushed the prize to $1.6 billion, the fourth-largest in Powerball history and the fifth-largest among all U.S. lottery games.
Jackpot Details
The $1.6 billion jackpot is the seventh Powerball prize to reach the $1 billion mark and the second to do so this year. The most recent win on Sept. 6 saw tickets in Missouri and Texas share a $1.787 billion grand prize, the second-largest in Powerball history. The odds of matching all five white balls plus the red Powerball are a minuscule 1 in 292.2 million.
How to Play
Powerball is played in 45 states, Washington, D.C., Puerto Rico and the U.S. Virgin Islands. Tickets cost $2 each and are sold for three drawings a week-Mondays, Wednesdays and Saturdays. Adding the Power Play option multiplies winnings by two, three, four, five or ten times and costs an additional $1.
Winning Options & Taxes
If a ticket matches all five white balls and the red Powerball, the winner can choose between an annuity and a lump-sum payout. The annuity would deliver the estimated $1.6 billion over 30 years. The lump-sum option is estimated at $735.3 million. Regardless of the choice, the prize is subject to federal taxes and, in most jurisdictions, state taxes as well.
Legal Advice from Andrew Stoltmann
Attorney Andrew Stoltmann says some of the most vicious legal fights over the lottery come from office lotto pools gone wrong. Here’s what you need to know before you buy in. Stoltmann has represented 12 lottery winners, many of whom lost all their winnings through bad investments, reckless spending and greedy relatives. “Unfortunately, the people who win the lottery think at that point, the journey is over. And what they don’t realize is that the journey has really just begun,” says the Chicago-based Stoltmann.
Largest Jackpot Ever
The largest Powerball jackpot ever awarded was in 2022 when a ticket in California won a $2.04 billion grand prize.
Key Takeaways
- The Monday drawing at 10:59 p.m. ET will decide a $1.6 billion jackpot, the record-extending 46th since the last win.
- The prize has already surpassed $1 billion twice this year and sits as the fourth-largest in Powerball history.
- Winners can choose an annuity of $1.6 billion over 30 years or a lump-sum of $735.3 million, but taxes will reduce the take-home amount.
The Powerball lottery continues to captivate millions of players across the country, but the story of the prize is only the beginning for those who win.
