The biggest Powerball jackpot in recent memory is set to be decided on Wednesday at 10:59 p.m. ET. The drawing, which can be streamed live on Powerball.com, will be the 44th since the previous winner claimed a $1.787 billion prize on September 6, setting a new record for the longest jackpot run.
Record‑Long Streak
Powerball’s current jackpot is the sixth‑largest in the game’s history and the seventh time the prize has crossed the $1 billion threshold. It is also the second jackpot to reach that level this year. The record‑long streak of 44 drawings eclipses the former record of 42 drawings, making this the most drawings in a single jackpot cycle since the lottery began in 1992.
Odds and Payout Options
The odds of matching all five white balls and the red Power Ball are 1 in 292.2 million. A winning ticket offers two payout choices:
- An annuity that pays the $1.25 billion over 30 annual installments.
- A lump‑sum cash option estimated at $572.1 million.
Both options are subject to federal taxes and, in most states, additional state taxes. The decision on how to claim the prize can significantly affect the final amount received.
How the Game Works
Powerball is played in 45 states, Washington, D.C., Puerto Rico and the U.S. Virgin Islands. Tickets cost $2 each, and the game is drawn three times a week—Mondays, Wednesdays and Saturdays. Players may add the Power Play option for an extra $1 per ticket, which multiplies non‑jackpot winnings by two, three, four, five or ten.
The largest jackpot ever awarded was $2.04 billion in 2022 when a California ticket won the grand prize.
Lessons From Past Winners
Attorney Andrew Stoltmann has represented 12 lottery winners, many of whom lost all their winnings through poor investments, reckless spending and pressure from 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.
Key Takeaways
- The Wednesday draw will be the 44th since the last jackpot win, breaking the previous record.
- The jackpot is $1.25 billion, the sixth‑largest ever and the seventh to reach $1 billion.
- Winning tickets can choose an annuity or a $572.1 million lump‑sum, both taxed.
- Power Play multiplies non‑jackpot prizes and costs an extra $1 per ticket.
- Past winners often lose their prizes; expert advice suggests careful financial planning.
The upcoming drawing is a reminder of how rare a Powerball win truly is and how many financial decisions await a lucky winner.
