Powerball Jackpot Hits $1 Billion Ahead of Labor Day Drawing

NASHVILLE, Tenn. (WZTV) — The Powerball jackpot has reached $1 billion, the sixth-largest prize in the game’s history, ahead of Saturday’s drawing. This marks the first jackpot win since May 31, when a player from California claimed a $204.5 million prize.

Game officials confirmed Friday that ticket sales had surged, prompting the increase in the jackpot from an initial estimate of $950 million. A winning ticket could award the holder a lump sum of approximately $453 million before taxes, or the option of annual payments over 30 years.

Matt Strawn, chair of the Powerball Product Group and Iowa Lottery CEO, expressed excitement about the record jackpot, stating, “We’re bringing extra excitement to Labor Day Weekend with a Powerball jackpot that’s climbed to a billion dollars!”

During the 39 drawings since the last jackpot winner, there have been 62 million-dollar winning tickets and 608 tickets that won $50,000 or more. In Wednesday’s drawing, six tickets matched all five white balls, netting each holder at least $1 million.

Powerball tickets cost $2 and are available in 45 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. The odds of winning the jackpot stand at 1 in 292.2 million, while any prize has odds of 1 in 24.9.

Since its launch in 1992, Powerball has generated over $36 billion for various good causes supported by U.S. lotteries. More than half of the ticket sales remain in the jurisdiction where they were sold.

The current jackpot ranks sixth among Powerball’s largest prizes, following the record $2.04 billion payout in November 2022. Other notable wins include a $1.586 billion jackpot shared among winners in California, Florida, and Tennessee in January 2016.

Saturday’s drawing will be broadcast live at 10:59 p.m. ET from the Florida Lottery draw studio in Tallahassee and will be available for streaming on Powerball’s website.