News writer
The Powerball jackpot just hit $1 billion. Are you ready for Labor Day Weekend?
Game officials bumped the estimate from $950 million to $1 billion this morning. Saturday's drawing offers a cash value of $453.1 million.
This marks the sixth time in Powerball's 33-year history that the jackpot has reached ten figures.
Why the sudden increase?
Ticket sales drove the jump. More players mean bigger prizes. Matt Strawn, Powerball Product Group Chair and Iowa Lottery CEO, stated:
We're bringing extra excitement to Labor Day Weekend with a Powerball jackpot that's climbed to a billion dollars!
The math is simple. For $2, you get a shot at life-changing money. Plus, your purchase supports public programs in your community.
When and where to watch
Saturday's drawing airs live at 10:59 p.m. ET from Tallahassee, Florida.
What happens if you win? You choose between two options:
- Annuity: $1 billion paid over 30 years (payments increase 5% annually).
- Lump sum: $453.1 million upfront.
Both amounts are before taxes.
The numbers behind the streak
This jackpot has been building since May 31. That's 39 drawings without a winner.
The summer run has already created winners:
- 62 tickets worth $1 million or more.
- 608 tickets worth $50,000 or more.
Wednesday's drawing produced six $1 million winners in Arizona, New York, and Virginia. Three other tickets in Mississippi, Ohio, and Virginia hit $2 million with the Power Play option.
How Powerball stacks up
Where does $1 billion rank? It sits sixth on the all-time list:
- $2.04 Billion – November 2022 (California)
- $1.765 Billion – October 2023 (California)
- $1.586 Billion – January 2016 (California, Florida, Tennessee)
- $1.326 Billion – April 2024 (Oregon)
- $1.08 Billion – July 2023 (California)
- $1.0 Billion – August 2025 (current)
Your odds of winning
Your chances of hitting the jackpot are 1 in 292.2 million. But your odds of winning any prize are much better at 1 in 24.9.
Powerball tickets cost $2 and are sold in 45 states, Washington D.C., Puerto Rico, and the U.S. Virgin Islands.
Where your money goes
More than half of every ticket sale stays in the state where you bought it. Since 1992, Powerball has generated over $36 billion for public programs.
Weekend jackpots
Drawings happen every Monday, Wednesday, and Saturday at 10:59 p.m. ET. Will Saturday break the streak?
Meanwhile, Mega Millions offers its own temptation. Friday's drawing sits at $277 million with a $124.6 million cash option.
Two massive jackpots. One holiday weekend. What are you waiting for?
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