The Powerball jackpot for tonight’s drawing has been increased from $685 million to $700 million due to stronger than anticipated sales.
The jackpot is the ninth largest in the history of the Powerball game. The jackpot has an estimated cash value of $352.3 million.
“This Powerball jackpot is climbing the charts, and it’s anyone’s guess whether our next big winner will be made in 2023 or the New Year,” said Drew Svitko, Powerball product group chair and Pennsylvania Lottery Executive Director. “This is a fun time to get into the game, especially over the holidays when you can dream big with family and friends.”
If a player wins the jackpot in tonight’s drawing, they will have the choice between an annuitized prize worth an estimated $700 million or a lump sum payment estimated at $352.3 million. Both prize options are before taxes. If the winner selects the annuity option, they will receive one immediate payment followed by 29 annual payments that increase by 5 percent each year.
This is the fourth Powerball jackpot to exceed half a billion dollars this calendar year. The Powerball jackpot was previously won on Oct. 11 when a ticket in California won a $1.765 billion grand prize. Since then, there have been 32 consecutive drawings without a jackpot winner. Earlier this year, on March 4, a Virginia resident won $162.2 million.
Powerball tickets are $2 per play.
Tickets are sold in 45 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. More than half of all proceeds from the sale of a Powerball ticket remain in the jurisdiction where the ticket was sold.
Powerball drawings are held on Monday, Wednesday and Saturday at 10:59 p.m.
The overall odds of winning a prize are 1 in 24.9. The odds of winning the jackpot are 1 in 292.2 million.
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Crystal Graham
