Powerball Jackpot Surges Past $700 Million Mark After Latest Drawing Yields No Top Winner

The Powerball grand prize has escalated to an estimated $719 million for the upcoming Saturday evening draw, following a drawing where no participant claimed the full set of numbers.

While the current jackpot falls short of the game's record highs, it remains a formidable sum. Just months ago in September, the pot swelled to $1.787 billion—the nation's second-highest payout ever, eclipsed only by the $2.04 billion windfall in 2022. That earlier bonanza went to two claimants: a Texas-based trust that selected the extended payout plan and a Missouri ticket holder.

Prospective victors face a pivotal decision upon winning: accept the annuity, doling out the $719 million in 30 escalating installments over nearly three decades, or claim the lump-sum alternative of $333.3 million upfront. The cash route, favored by most, exposes recipients to steeper immediate deductions.

Authorities deduct 24% for federal withholding on the one-time option, trimming it to roughly $253.3 million right away. Should the winner's annual earnings push them into the 37% bracket, the net could dip further to around $210 million after full federal obligations.

Opting for the annuity spreads the tax burden annually, with initial disbursements starting at $24 million—potentially reduced to about $15.1 million post-37% levy on the first installment, as payments incrementally rise thereafter.

Geographic factors further influence the final haul. Winners in states like California, Florida, New Hampshire, Texas, and Tennessee sidestep state-level taxes entirely, preserving more of the prize. Notably, California's system employs a pari-mutuel formula, adjusting shares based on ticket sales and claimant count.

Conversely, New York imposes an 8.82% state tax, plus a 3.876% surcharge for city residents, carving out a substantial slice before funds clear.

Although the jackpot eluded all entrants this round, four players pocketed $1 million each from matching five numbers, with tickets redeemed in California, New Jersey, Pennsylvania, and South Carolina. None activated the Power Play for the enhanced $2 million tier.

Tickets run $2 apiece: select five from the white balls (1-69) and one red Powerball (1-26). Overall prize odds stand at 1 in 24.87 per $2 wager. A 10x Power Play multiplier activates when jackpots dip below $150 million.

Draws air live Mondays, Wednesdays, and Saturdays at 10:59 p.m. ET from the Florida Lottery's Tallahassee studio.