Powerball jackpot ticks to $810 million for New Year’s Day drawing

The Powerball jackpot ticked to roughly $810 million on Monday after no winner was announced in the Saturday night drawing, pushing the award amount higher ahead of the Jan. 1 jackpot.

The estimated cash value for the drawing is roughly $408.9 million, a significant uptick from the cash value of Saturday night’s prize, which stood slightly above $383 million.

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Like other Powerball jackpots, Monday night’s drawing will be held at 10:59 p.m. Eastern time.

Those wanting to test their luck can buy tickets at select grocery stores, gas stations, and convenience stores in all 45 participating U.S. states, as well as Washington, D.C.

People can opt to collect their earnings by either a one-time lump sum payment or an annuity plan, by which the earnings are paid out over a longer period.

The lump sum payment, the option chosen by the majority of winners, is subject to a mandatory IRS withholding of 24%. Winners must also pay taxes on the prize, though that amount depends on their state of residence.

Powerball winners can also select the “annuity” option, by which the prize amount is paid out in 30 payments over 29 years, increasing by 5% each year.

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The Saturday night jackpot would have been the fourth contest in 2023 to surpass $500 million. Last year’s largest winning drawing took place on Oct. 11 in California, according to Powerball, with a prize of $1.765 billion.

The largest-ever Powerball was won in November 2022 with a prize of $2.04 billion.