$1 Billion Powerball Jackpot Up for Grabs Tonight, Second Largest of the Year

Lottery hopefuls are taking their chances tonight as an estimated $1 billion Powerball jackpot is up for grabs, making it the second-largest jackpot of the year and the 14th U.S. lottery prize to ever reach the billion-dollar mark.

The jackpot climbed to $1 billion after no ticket matched all six numbers in Wednesday night’s $930 million drawing. Billion-dollar lottery jackpots have become more common in the past decade, with the first occurring in 2016. Earlier this year, Powerball also reached historic levels when a $1.787 billion jackpot was split by winners in Texas and Missouri, becoming the second-largest lottery prize in U.S. history. The largest Powerball jackpot ever, $2.04 billion, was won in 2022.

While the advertised jackpot stands at $1 billion, the actual amount a winner receives depends on how the prize is claimed. Winners who choose the annuity option receive the full advertised amount paid out over 30 installments across 29 years. If a winner opts for a lump sum, the estimated cash value for tonight’s drawing is about $457.7 million.

Both payout options are subject to federal and, in some cases, state taxes. Historically, most Powerball and Mega Millions winners choose the lump sum payment.

Even without hitting the jackpot, players can still win significant prizes. In Wednesday’s drawing, three ticket holders won $1 million each by matching the first five numbers but missing the Powerball.

Tonight’s Powerball drawing is scheduled for 10:59 p.m. Eastern Time.

Explore: NBCPalmSprings.com, where we are connecting the Valley.