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By Mandy Taheri
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The Powerball jackpot is estimated at $1.6 billion for Monday night’s drawing after no ticket matched all six numbers Saturday, making it the fourth-largest Powerball prize and the fifth largest in U.S. lottery history.
Why It Matters
The lottery is a multi-billion-dollar industry, and a 2016 Gallup poll found that nearly half of Americans buy lottery tickets annually. The largest Powerball jackpot in history, $2.04 billion, was won in November 2022 in California.
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The odds of winning a lottery jackpot are extremely low, with Powerball odds at 1 in 292.2 million. Winners take home significantly less than the initial jackpot amount following taxes.
What To Know
Powerball is a lottery game where players select five numbers from 1 to 69 and a Powerball number from 1 to 26. In certain circumstances, players can also multiply non-jackpot prizes by using the Power Play option for an additional $1. Drawings are held every Monday, Wednesday, and Saturday nights.
The cash value of Monday night’s drawing is estimated around $735.3 million. If the winner decides to take the full $1.6 billion in annualized payments, they face a 24 percent federal withholding tax, making the sum around $588.8 million, according to Forbes, and certain state's taxes may further lower that number.
Monday night will be the 46th consecutive drawing without a jackpot winner, a record for a single Powerball cycle, Powerball said in a Sunday statement. The billion-dollar jackpot marks the second time in Powerball history that the game has produced back-to-back prizes exceeding $1 billion.
Tickets are $2 and are sold in 45 states, Washington D.C., Puerto Rico and the U.S. Virgin Islands. Alabama, Alaska, Hawaii, Utah, and Nevada do not participate in Powerball.
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What People Are Saying
Matt Strawn, Powerball Product Group Chair and Iowa Lottery CEO, said in a Sunday statement: “Powerball is giving players a chance to dream bigger than ever this holiday season. Every ticket sold not only offers the chance at a life-changing prize but also supports important public programs and services in communities nationwide. We encourage everyone to enjoy the thrill responsibly.”
Former Senator Doug Jones, an Alabama Democrat, said in an X post on Saturday: “Powerball jackpot is up to $1.5 billion and money is gushing out of Alabama because we can’t buy lottery tickets here. Let’s change that in 2026!”
What Happens Next
The next Powerball drawing will be broadcast live on Monday night at 10:59 p.m. Players should check their state rules, with some cutting off sales two hours before the drawing.
The Powerball jackpot continues to grow until someone has won it.
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