Powerball jackpot hits $1 billion payout ahead of Saturday’s drawing

The Powerball jackpot has reached $1 billion ahead of its drawing on Saturday, estimating a pre-tax payday of $453.1 million for one lucky winner.

Powerball announced earlier Friday via social media that the jackpot had breached the $1 billion threshold ahead of Saturday’s drawing.

The drawing will be held in Tallahassee, Florida, at 10:59 p.m. ET.

Powerball jackpot reaches $1 billion payout

This year’s jackpot now ranks as the sixth occurrence when a payout has touched $1 billion in the lottery’s 33-year history.

On Wednesday, the estimated Powerball jackpot was $850 million, and within two days, hopeful lottery participants pushed the prize $150 million higher.

The $1 billion jackpot has been accumulating since May 31, when a player in California won the latest grand prize, according to KIRO 7. Since the last winner, 38 consecutive Powerball drawings have been executed without a jackpot winner.

“We’re bringing extra excitement to Labor Day Weekend with a Powerball jackpot that’s climbed to a billion dollars!” Matt Strawn, Powerball Product Group Chair and Iowa Lottery CEO said, according to KIRO 7. “For just $2, every ticket is a chance to win big, while also giving back to public programs and services that benefit communities wherever Powerball is played.”

A player has two options if they possess the winning ticket: they can choose a lump sum amount, or an immediate payment followed by 29 annual payments that would increase by 5% each year. Both of the options provided by Powerball are before taxes.

The drawing for a potential $1 billion winner will be broadcast live and streamed on Powerball.com.

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