How the massive $1.4B Powerball jackpot compares to other big lottery prizes
Wednesday's Powerball jackpot has reached a staggering $1.4 billion, but how does that compare to other big lottery prizes? And how much will the winner actually take home if their ticket matches all the lucky numbers?
The massive prize, which offers a cash value of $634.3 million, marks the fourth-largest jackpot in Powerball history and comes after 40 consecutive drawings since May 31 without a winner.
Monday's numbers -- 8, 23, 25, 40, 53, with Powerball 5 and Power Play multiplier of 3 -- produced no jackpot winner. The next drawing is set for Wednesday night.
What the top 10 U.S. lottery prizes?
Here are the largest lottery jackpots ever won in the United States -- and the current Powerball prize for comparison.
- $2.04 billion - Powerball, November 2022 (California)
- $1.76 billion - Powerball, October 2023 (California)
- $1.60 billion - Mega Millions, August 2023 (Florida)
- $1.59 billion - Powerball, January 2016 (California, Florida, Tennessee)
- $1.54 billion - Mega Millions, October 2018 (South Carolina)
- $1.35 billion - Mega Millions, January 2023 (Maine)
- $1.34 billion - Mega Millions, July 2022 (Illinois)
- $1.33 billion - Powerball, April 2024 (Oregon)
- $1.30 billion - Powerball, September 2025 (current jackpot)
- $1.27 billion - Mega Millions, December 2024 (California)
After winning Powerball, how much money would you actually take home?
The advertised $1.4 billion jackpot comes with an important choice. Winners must choose between two payment options: lump sum and annuity.
The annuity option spreads the winnings over three decades, delivering an immediate payment and then 29 additional payments that increase by 5% each year to keep up with inflation. It's also subject to federal and state taxes, the latter of which vary from state to state, though a handful of states don't tax lottery winnings.
The lump sum option, preferred by most winners, provides immediate access to $634.3 million, before taxes -- the federal government takes 24% right off of the top, for example.
According to USA Mega, which analyzes lottery jackpots using 2025 federal marginal rates and state tax rates, winners face both immediate tax withholdings and additional taxes due at year's end. And as already noted, state taxes vary depending on where the ticket is purchased and where the winner lives.
How Powerball works and how do I play?
To play Powerball, players pay $2 for a ticket and select five white ball numbers from 1 to 69, plus one red Powerball number from 1 to 26. Prizes start at $4 and increase up to the jackpot, depending on how many numbers match the drawing. Players can add the Power Play option for an extra dollar, which multiplies non-jackpot prizes up to 10 times. In some locations, a Double Play feature costs an additional dollar and provides a second chance to win with the same numbers.
The game currently operates in 45 states, Washington D.C., Puerto Rico and the U.S. Virgin Islands.
What are the odds of winning the Powerball
While the billion-dollar prize attracts attention, players face challenging odds at every level. The chances of winning the jackpot are approximately 1 in 292.2 million. However, the odds of winning any prize are considerably better at 1 in 24.9.
If you're interested in playing, you must purchase your tickets before the Wednesday drawing, which takes place at 10:59 p.m. ET.
