Powerball Jackpot Soars to $700 Million Ahead of Saturday Drawing

AUSTIN, Texas — After no winner was declared in Wednesday night’s Powerball drawing, the jackpot has climbed to an estimated $700 million. This new total is one of the highest in Powerball history, surpassing the previous record of $643 million earlier this season.

This jackpot has gone unclaimed since May 31, leading to a surge in sales. According to the Multi-State Lottery Association, sales are approximately 40% higher than last year at this time. “As the jackpot increases, we expect ticket sales to increase,” the association noted.

Participants have a 1 in 292 million chance of winning the top prize, which offers players a choice between receiving the full jackpot in 30 annual payments or a lump sum of about $316.3 million. The next drawing is scheduled for Saturday at 10:59 p.m. ET.

Earlier this year, four tickets nabbed the Powerball jackpot, with the most recent — a $204.5 million prize — claimed by a buyer in California on May 31. Powerball tickets are available for $2 each, with an optional Power Play for an additional $1; however, in Idaho and Montana, Power Play is mandatory, making tickets cost $3.

The Power Play feature can increase non-jackpot winnings by up to 10 times, although the 10x multiplier is only applicable when the jackpot is $150 million or below. Ticket holders choose five numbers from a pool of 1 to 69 and one Powerball from 1 to 26.

Winners must pay both federal and state taxes on their earnings. Federal withholding is 24%, and additional taxes could reach up to 37%, depending on the winner’s taxable income. States like Texas, Florida, and California do not impose state taxes on lottery winnings.

Powerball is accessible in 45 states, along with Washington, D.C., Puerto Rico, and the U.S. Virgin Islands. The game currently excludes players from Alaska, Hawaii, Nevada, Utah, and Alabama.