The Powerball jackpot, currently set at $1.25 billion, will be drawn Wednesday at 10:59 p.m. ET, marking the 44th drawing since the last winner claimed the prize on September 6.
The Drawing and Jackpot Details
The 44th drawing of this cycle will take place on Powerball.com, where viewers can watch the numbers selected live. The jackpot has climbed to its sixth-highest level in the game’s history and is the seventh time a prize has reached the $1 billion threshold. It is also the second $1 billion jackpot awarded this year.
In September, a ticket sold in Missouri and one in Texas split a $1.787 billion grand prize, the second‑largest win ever. That record‑setting draw set a new benchmark for the length of a jackpot cycle, with the current run now surpassing the previous record of 42 consecutive drawings.
The odds of matching all five white balls and the red Power Ball are a staggering 1 in 292.2 million.
Winning Options and Tax Implications
A jackpot winner will face a choice between two payment structures. The annuity option pays the full $1.25 billion in 30 yearly installments. Alternatively, a lump‑sum payout is estimated at $572.1 million after federal and, in many states, state taxes are deducted.
Regardless of the selection, the winner will not receive the advertised amount in full. The payout is reduced by federal withholding and, depending on the winner’s jurisdiction, additional state taxes.
Powerball Game Structure and Historical Context
Powerball is available in 45 states, Washington, D.C., Puerto Rico, and the U.S. Virgin Islands. Players purchase a $2 ticket for each drawing, with an extra $1 for the Power Play option that can multiply non‑jackpot prizes up to tenfold.
The game holds three drawings each week—on Monday, Wednesday, and Saturday. The largest jackpot ever awarded was $2.04 billion in 2022 to a California ticket.
Lessons from Past Winners
Attorney Andrew Stoltmann, who has represented 12 lottery winners, warns that the end of a win is just the beginning of new challenges. “Unfortunately, the people who win the lottery think at that point, the journey is over. And what they don’t realize is that the journey has really just begun,” says the Chicago‑based Stoltmann.
Key Takeaways
- The next Powerball drawing on Wednesday will determine the $1.25 billion jackpot winner after 44 consecutive drawings.
- Winners can choose an annuity or a $572.1 million lump‑sum payout, both subject to taxes.
- The game’s odds are 1 in 292.2 million, and the jackpot is the seventh $1 billion prize this year.
The upcoming draw offers a rare opportunity for a life‑changing win, but the path to that fortune is steep and the rewards are heavily taxed. Viewers can watch the live event on Powerball.com at 10:59 p.m. ET.
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