The Powerball jackpot has surged to an estimated $1.1 billion following a no-win draw on Saturday evening. This growth comes after the winning numbers—1, 28, 31, 57, and 58, with a Powerball of 16—failed to produce a significant winner.
Recent Drawings and Winning Tickets
Despite the absence of a jackpot winner, two tickets purchased in North Carolina and Pennsylvania earned $2 million each. The next Powerball drawing is scheduled for Monday night.
Historic Jackpots This Year
This escalation marks the second time in 2023 that the Powerball jackpot has exceeded $1 billion. In September, two winners from Texas and Missouri shared a stunning prize of $1.787 billion. This amount represents the second largest jackpot in U.S. lottery history.
Largest Jackpots in U.S. History
- 1. $2.04 billion Powerball prize (2022)
- 2. $1.787 billion Powerball prize (2023, split between Texas and Missouri)
- 3. $1.586 billion Powerball prize (2016)
Understanding Jackpot Values
The advertised $1.1 billion would only be available if a winner chooses to receive the prize through 30 escalating payments made over 29 years, known as an annuity. Alternatively, the lump sum option for Monday’s draw is estimated at $503.4 million. Both amounts are before taxes.
Typically, Powerball and Mega Millions winners opt for the lump sum payment. This trend reflects the common preference among jackpot winners for immediate access to their funds.
