Powerball jackpot nears $1 billion in biggest prize of the year

The Powerball jackpot has risen to nearly $1 billion after no winner matched all six numbers on Monday.​

Ahead of the next draw, the mammoth prize stands at a staggering $975 million, with the winning numbers to be selected on Wednesday.

That means the value of the prize has rocketed by $70m since Monday, making it the biggest lottery prize of the year so far.​

“This is the most exciting jackpot run we’ve seen all year, but it’s also important to remember that every $2 Powerball ticket purchased helps support public programs and services,” Stephen Durrell, Powerball Product Group Chair, said.

“Because a portion of each ticket sold stays where it was purchased, the benefits of Powerball are felt in communities across the country and around the world.”​

In the previous draw, the prize stood at $905m with the winning numbers being 6, 37, 54, 55, 64. The Powerball number was 10. ​

A potential winner has the choice to accept the prize as a lump-sum or over 30 graduated payments.

Powerball says that the lump-sum on Wednesday has an estimated cash value of $422.3m.

However, if the lump-sum is selected, a 24 percent federal withholding is applied to the winnings which would see Wednesday’s prize value drop to around $320m. ​

A federal marginal rate could reduce the prize even further, dropping the value to $266m. Some states also apply additional taxes to lottery winnings.​

The largest Powerball jackpot ever won was worth $2.04bn, after one lucky person purchased a ticket in California in 2022. ​

Previously, the $2 tickets were sold in just 45 U.S. states, as well as Washington D.C., Puerto Rico and the U.S. Virgin Islands. ​

However, now, the Powerball draw is also available to British players after the game launched in the United Kingdom in July. ​

Andy Carter, senior winners’ advisor at Allwyn, which runs the U.K’s National Lottery, said that it brings a “whole new level of possibility to U.K. players.” ​

“It’s a chance to win the biggest jackpot ever offered through The National Lottery and to dream bigger than ever before,” he said. ​

A Powerball winner would have to overcome steep odds, though, to take home the massive prize. ​According to Powerball, the odds of winning the grand prize stand at just one in 292,201,338