Powerball just hit a billion dollars, and people are freaking out about it.
For 39 draws in a row, no ticket matched all six numbers for the Powerball jackpot. The last draw was on Saturday night.
Now, for the next drawing on Labor Day, the jackpot has snowballed to $1.1 billion and will be the game’s fifth-largest prize ever, according to a statement from the lottery. The largest jackpot prize ever was cashed out in November 2022 by Edwin Castro, a California man who scored a $2.04 billion dollar drawing.
The five winning numbers will be announced just after 11 p.m. ET on Monday after a drawing broadcast live from the Florida Lottery drawing studios in Tallahassee.
The winner will have the option to get the full $1.1 billion as a 30-year graduated annuity or get a one-time lump sum cash payment of $498.4 million. Most winners opt for the latter option.
The prize is then subject to substantial taxes, that include an automatic withholding tax of 24% and more in federal and state taxes come next tax season. But winners in some states —California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming— are exempt from state taxes.
Monday night’s drawing will be the 40th since the last jackpot worth $204.5 million was won on May 31, 2025 by someone in California. There have been three more jackpot winners so far in 2025 besides the winner in May, three lucky winners from Oregon, Kentucky, and another from California.
The odds of winning the jackpot are one in 292.2 million, according to the Multi-State Lottery Association.
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only got one number in powerball pic.twitter.com/f2xOxowNQp — i*y (@heizehye) August 28, 2025
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