Lottery fever is gripping the nation as the Powerball jackpot climbs to an estimated $975 million, with the next drawing scheduled for Wednesday. This marks the 43rd consecutive drawing without a jackpot winner, pushing the prize towards the $1 billion mark and making it one of the largest in U.S. history.
Monday night's winning numbers were 6, 37, 54, 55, 64, with a red Powerball of 10 and a 3x Power Play multiplier. While the grand prize went unclaimed, several players secured substantial winnings. Tickets sold in Tennessee and Maryland matched five numbers to win $1 million each, while a ticket in California also won $1 million. Another ticket in Tennessee claimed $2 million due to the Power Play.
The current jackpot has been accumulating since May 2, when a $20 million prize was split between ticket holders in Florida and Texas. Despite the daunting odds of 1 in 292.2 million, sales are surging across 45 states as potential players flock to retailers before Wednesday's 10:59 p.m. ET drawing.
If a single ticket holder claims the $975 million prize on Wednesday, they will have the option of an annuity paid over 29 years or a lump sum cash payment of $422 million before taxes. Lottery officials note that most winners opt for the lump sum.
Should the jackpot reach or exceed $1 billion, it would be the eighth Powerball jackpot to do so and the 15th time any U.S. lottery prize has surpassed nine figures. The largest U.S. lottery prize on record was a $2.04 billion Powerball jackpot won in California in November 2022.
It's important to note that the advertised jackpot figure represents the total payout if the prize is taken as an annuity, invested in Treasury bonds over 30 years. The lump sum amount is significantly lower. Winners also face federal taxes, with a 24% withholding tax on jackpot winnings, in addition to annual income taxes. State and local taxes may also apply depending on the location where the winning ticket was purchased.