(NEW YORK) — The dream of becoming America’s next billionaire is up for grabs this Saturday night as the Powerball jackpot climbed to $1 billion, sending ticket sales soaring across the nation ahead of the Labor Day weekend drawing.
Game officials increased the jackpot estimate Friday morning from $950 million after reviewing national ticket sales, Powerball said. The winner could opt for a cash payment of $453.1 million before taxes.
“We’re bringing extra excitement to Labor Day Weekend with a Powerball jackpot that’s climbed to a billion dollars!” Powerball Product Group Chair and Iowa Lottery CEO Matt Strawn said in a press release.
The game hasn’t seen a jackpot winner since May 31, when a California player claimed a $204.5 million prize. During this 39-drawing streak, the game has created 62 million-dollar winners and 608 tickets worth $50,000 or more.
Wednesday’s drawing saw six tickets match all five white balls — 9, 12, 22, 41 and 61 — with red Powerball 25, each winning $1 million or more.
Winners of Saturday’s jackpot can choose between annual payments or the lump sum. The annuity option provides one immediate payment followed by 29 annual payments that increase by 5% each year.Powerball tickets cost $2 per play and 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, while the overall odds of winning any prize are 1 in 24.9.
The game has generated more than $36 billion for good causes supported by U.S. lotteries since its first drawing in 1992, Powerball noted. More than half of ticket sale proceeds remain in the jurisdiction where the ticket was sold, according to Powerball.
The current jackpot ranks sixth among Powerball’s largest prizes. The record stands at $2.04 billion, won by a California player in November 2022, followed by the $1.765 billion prize claimed in California in October 2023.
Other notable jackpots include the $1.586 billion split among winners in California, Florida and Tennessee in January 2016, the $1.326 billion won in Oregon in April 2024, and the $1.08 billion claimed in California in July 2023.
Saturday’s drawing will be broadcast live at 10:59 p.m. ET from the Florida Lottery draw studio in Tallahassee and streamed on Powerball’s website.
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