Topline
The Powerball jackpot reached a new high for the year, rising to $605 million after Saturday’s drawing produced no winners—but a lucky winner would take home much less after accounting for taxes.
The next Powerball drawing will take place Monday night.
AFP via Getty Images
Key Facts
No tickets were sold matching all of Saturday’s winning numbers (23, 40, 49, 65, 69 and Powerball number 23), meaning the jackpot is growing again before the next drawing, which is Monday night.
If a ticket is sold matching all of Monday’s numbers, the winner will have the option of either receiving a full jackpot of $605 million spread out over 30 annualized payments over 29 years, or a lump cash sum of $273.4 million all at once.
If the winner chooses the lump sum, the more popular option, they would face an automatic 24% federal withholding tax, bringing the winnings down to $207.8 million.
The winner is then likely to face the highest federal marginal tax rate of 37%, bringing the jackpot down to $172.2 million.
If the winner chooses the annuity, their average annual payment would drop from more than $20 million down to $12.7 million after applying taxes.
States and territories tax lottery winnings further, including New York (at a 10.9% rate), Washington, D.C. (at an 8.5% rate), and Maryland (at an 8.75% rate), while others like California, Texas and Delaware apply no further taxes.
What To Watch For
The next drawing is scheduled for Monday at 10:59 p.m. EDT. If a winner isn’t selected Monday, the jackpot will grow larger before the next drawing Wednesday night.
Key Background
The Powerball jackpot has steadily risen in recent weeks—it previously rose as high as $526.5 million in March before a lucky winner in California claimed the jackpot. The jackpot surpassed $1 billion in 2024, rising as high as $1.3 billion before a player claimed the prize last April.
Big Number
1 in 292.2 million. Those are the odds for winning the Powerball jackpot, according to the lottery organizers. A jackpot winner must purchase a ticket with numbers matching all five white balls drawn (between 1 and 69), as well as matching the red Powerball (between 1 and 26). Players receive a $1 million prize if they purchase a ticket matching all five numbers without the Powerball number—organizers put odds of winning this prize at 1 in 11.6 million.