(NEXSTAR) — The Powerball jackpot bested players throughout the weekend, with no tickets able to match the six numbers drawn Saturday night. Without a big winner, the jackpot has ballooned to an estimated $1.6 billion ahead of Monday night’s drawing.
Should your ticket match the numbers drawn in just a few hours, you will not be an instant billionaire. In a handful of states, however, you could eventually receive more than $1 billion if you opt for the less-common payout method.
At its current size of $1.6 billion, with an estimated cash value of $735.3 million, the jackpot ranks as the fourth-largest in Powerball history. It would need to grow by more than $100 million to become the third-largest, a title currently held by a $1.765 billion prize won in California two years ago.
It is, however, just $2 million from at least tying with the fourth-largest jackpot between Powerball and Mega Millions. In that spot right now is a $1.602 billion Mega Millions jackpot won in Florida in 2023:
- $2.04 billion: Nov. 7, 2022; California (Powerball)
- $1.787 billion: Sept. 6, 2025; Missouri, Texas (Powerball)
- $1.765 billion: Oct. 11, 2023; California (Powerball)
- $1.602 billion: Aug. 8, 2023; Florida (Mega Millions)
- Est. $1.6 billion: Current (Powerball)
- $1.586 billion: Jan. 13, 2016; California, Florida, Tennessee (Powerball)
- $1.537 billion: Oct. 23, 2018; South Carolina (Mega Millions)
- $1.348 billion: Jan. 13, 2023; Maine (Mega Millions)
- $1.337 billion: July 29, 2022; Illinois (Mega Millions)
- $1.326 billion: April 6, 2024; Oregon (Powerball)
A growth of $2 million ahead of Monday’s drawing is entirely within reason. Before Wednesday’s drawing, the jackpot was an estimated $1.25 billion. By the time the drawing was held, the prize had grown to $1.27 billion.
Such small increases (or decreases, which are also possible) will hardly impact your payout, however.
How much of the $1.6B Powerball jackpot would I keep?
Depending on where you live, you would receive no less than $383.1 million if you won and selected the cash payout, or $834.9 million with the annuitized option, an analysis by USA Mega found.
Already, you can see that winning the record $1.6 billion Powerball jackpot will not make you an instant billionaire. You can blame taxes: 24% of your jackpot winning would be owed to the IRS, plus up to 37% in a federal marginal tax rate, according to USA Mega.
In the best-case scenario, you live in a state that does not have a lottery tax, leaving more money in your pocket. Even in these states, you would not be an instant billionaire, since the cash payout is only $735.3 million.
In those same states, you would receive slightly more than $1 billion – after 30 years of annuitized payouts. While annuitized prizes always total more than the one-time cash payout, winners hardly opt for it. The last time a Powerball jackpot winner opted for the annuity payments was in March 2023 – that was the first time a winner made that choice since 2014.
Outside of those lucky states – California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming – USA Mega’s analysis found Arizona is the best state to win the Powerball jackpot. There, a winner would get about $444.9 million from the cash prize or $969.3 million after all 30 annuitized prizes.
A winner in New York would be the worst off, receiving about $383.1 million in the cash payout or $834.9 million with the annuitized option.
You can see what your estimated payouts would be in the interactive map below:
As the two winners of September’s $1.787 billion Powerball jackpot learned, your payout could be cut in half if another ticket also matches the winning numbers.
What to do if you win the Powerball jackpot
Should you win the Powerball jackpot, experts say you should immediately do two things: sign the back of the ticket, to ensure only you can claim it, and keep your victory a secret for as long as possible.
You won’t be able to do that forever, depending on where you live, but it can help avoid conversations with friends, family, and people you hardly know who may be looking for a cut of the pot. Instead, experts suggest you build a team of people you can tell, like a financial advisor, a tax advisor, and a lawyer.
You have a 1 in 292.2 million chance of winning the Powerball jackpot. Your odds do, of course, improve based on the number of tickets you purchase.
Not including the grand prize, there are eight ways to win while playing Powerball.
Tickets are $2 each and are sold in 45 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. Powerball drawings are held every Monday, Wednesday, and Saturday at 10:59 p.m. ET.