Everything you need to know about the soaring $1.04 billion Powerball

The Powerball jackpot is still on the market, increasing to an estimated $1.04 billion after no tickets matched all six numbers at Saturday night’s drawing.

The lottery prize is the second-largest jackpot this year, with the Powerball reaching over two months without any winner. The largest Powerball prize for 2023, worth around $1.08 billion, was claimed on July 19 by a ticketholder in California.

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Here’s what to know about the Powerball jackpot.

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How much is the Powerball worth?

The $1.04 billion prize is worth an estimated $478.2 million in cash value. It is given to a sole winner whose ticket number matches all of the six numbers drawn.

A sole winner can opt to take the payment through an annuity, which doled out over 30 years. Winners can also decide to take the cash option, where a recipient will collect the $478.2 million.

The winnings are subject to federal taxes, and many states also tax lottery winnings.

How did the Powerball reach this sum?

The Powerball jackpot is so large because there have been 31 consecutive drawings without a winner, starting July 19.

The latest drawing was Saturday, where numbers 19, 30, 37, 44, and 46 with a red Powerball of 22, and a Power Play of 2x were selected. No one had a ticket to match the numbers.

Powerball’s odds of 1 in 292.2 million are designed to generate big jackpots, with prizes becoming ever larger as they repeatedly roll over when no one wins.

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How to purchase a Powerball ticket

In most states, Powerball tickets cost $2, and players can select their own numbers or allow a computer to select the numbers for them.

Powerball is played in 45 states, as well as Washington, D.C., Puerto Rico, and the Virgin Islands.