The Powerball lottery has reached an astronomical $1 billion jackpot for Wednesday’s drawing after no one won the $900 million jackpot on Monday.
With the highly anticipated drawing on Wednesday night, there are several questions about how the Powerball works. Here is everything you need to know about the Powerball.
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How much are the Powerball winnings worth tonight?
The Wednesday drawing is worth an estimated $1 billion jackpot, with Powerball saying the cash is an estimated $516.8 million.
The estimated jackpot is the third largest in Powerball’s history. The only times the jackpot has been larger was in November 2022, when it was $2.04 billion, and in January 2016, when it was $1.586 billion.
When is the drawing?
The drawing is scheduled for 10:59 p.m. Eastern time on Wednesday. If there is no winner for Wednesday’s drawing, the next Powerball drawing will be at 10:59 p.m. on Saturday.
The Powerball drawing is streamed on its website and on local television stations across the country.
How does the Powerball work?
The Powerball is available in 45 states, Washington, D.C., Puerto Rico, and the U.S. Virgin Islands, per the game-makers, and costs $2 to play.
It involves players selecting five numbers between one and 69 for the white balls, and one number between one and 26, which is the red ball. Players may choose to select their numbers or have the lottery terminal randomly select the numbers for their tickets. The jackpot is won when a player matches all of the numbers for the white balls and the red ball.
Powerball said the odds of winning the jackpot are 1 in 292.2 million.
How are the winnings paid out?
The winnings are paid out either as an annuitized prize worth an estimated $1 billion or a lump sum payment estimated at $516.8 million, per Powerball. The annuity option gives the winner 29 annual payments that increase by 5% every year, while the lump sum is one payment. Both options are subject to local and federal taxes.
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Officials with Powerball said that if you win the lottery, you should sign the ticket, put it “somewhere very safe,” and contact your local lottery office.
“During this exciting time, we would like to remind our players to play responsibly,” Drew Svitko, Powerball Product Group chairman and Pennsylvania Lottery executive director, said in a statement. “It only takes one ticket to win this massive jackpot or any of Powerball’s other cash prizes. If you win the jackpot, sign your ticket, put it somewhere very safe, and reach out to your local lottery. Your lottery is always your best resource for information on how to claim a prize.”
