Powerball jackpot soars to $1 billion

BALTIMORE, MD—The Powerball jackpot has surged to an estimated $1 billion for Saturday night’s drawing, lottery officials have announced.

The new jackpot amount, which carries a one-time cash option of an estimated $453.1 million, marks the sixth time in the game’s 33-year history that the prize has reached the billion-dollar milestone. Both amounts are before taxes.
The increase from an initial estimate of $950 million was announced after a review of national ticket sales, according to a Powerball press release.

“We’re bringing extra excitement to Labor Day Weekend with a Powerball jackpot that’s climbed to a billion dollars!” said Matt Strawn, Powerball Product Group Chair and Iowa Lottery CEO. “For just $2, every ticket is a chance to win big, while also giving back to public programs and services that benefit communities wherever Powerball is played.”

The drawing Saturday will be the 39th since the jackpot was last won on May 31 in California. The current summer jackpot streak has produced 62 winning tickets of $1 million or more and 608 winning tickets of $50,000 or more.

The estimated $1 billion prize would be paid out in 30 graduated annual payments. A winner who chooses the annuity option would receive one immediate payment, followed by 29 annual payments that increase by 5% each year.
Powerball tickets are sold in 45 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. The odds of winning the jackpot are 1 in 292.2 million.

The drawing will be broadcast live at 10:59 p.m. EDT from the Florida Lottery draw studio in Tallahassee, Florida, and will also be live streamed on https://www.Powerball.com.

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