The Powerball jackpot for the upcoming Wednesday night draw has ballooned to an estimated $1.3 billion, marking it as the fifth largest in the game’s history, following no winner claiming the grand prize earlier this week.
This massive jackpot is also the ninth-largest among all lottery jackpots in the United States. The $1.3 billion value reflects the prize for those opting to receive it as an annuity, paid out in 30 annual portions over 29 years, with gradually increasing amounts. Alternatively, winners can select a one-time cash payment, which is currently estimated at $589 million.
There have been 40 consecutive drawings since the jackpot was last claimed in May, with Wednesday set to feature the 41st drawing. This streak is nearly the longest in Powerball’s 30-year existence; the previous record was 42 back-to-back drawings without a winner, established last year.
The increasing jackpot has spurred higher ticket sales. Compared to an earlier Monday drawing on August 25, which advertised a $750 million jackpot, the sales for Monday’s $1.1 billion prize saw a surge of 175.4%.
Though the grand prize has risen significantly, the likelihood of winning remains unchanged, standing at about 1 in 292 million. These odds are influenced by changes in the number of balls used in the drawings over time, which have decreased the chances of winning the jackpot—although the likelihood of multiple winners sharing the prize grows as more people purchase tickets.
Winning such a significant jackpot also comes with a considerable tax obligation, potentially amounting to hundreds of millions of dollars, depending on the winner’s state of residence and their choice on how to receive the winnings.
Powerball tickets sell for $2 and can be bought in 45 states, the District of Columbia, Puerto Rico and the US Virgin Islands.
The next drawing is scheduled for Wednesday night at 10:59 p.m. ET.
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