Powerball Jackpot Grows To $1.2 Billion

The Powerball jackpot now stands at an estimated $1.2 billion with a cash option of $596.7 million for the drawing on Wednesday, Nov. 2

“This is the largest Powerball prize in more than six years,” said Drew Svitko, Powerball Product Group Chair and Pennsylvania Lottery Executive Director. “The jackpot is getting bigger with every ticket sold, and players should feel good knowing that a portion of their ticket purchase is staying in their state to benefit good causes such as education, veterans, and senior citizens.”

If a player wins Wednesday’s jackpot, it will be the second-largest jackpot in Powerball’s 30-year history and fourth-largest jackpot in U.S. lottery history.

The next Powerball drawing will take place at the Florida Lottery draw studio in Tallahassee at 10:59 p.m. ET on Wednesday, Nov. 2. Ticket sale cut-off times vary by jurisdiction, but typically occur 1-2 hours before the scheduled drawing.

The Powerball jackpot was last hit on August 3 in Pennsylvania. Since then, there have been 38 Powerball drawings in a row without a grand prize winner.

“Powerball was designed to be a fun source of entertainment for players,” Svitko added. “We’ve had Powerball jackpots won on the very first drawing of a jackpot run, and in every region of the country. Players will have the same odds in the Wednesday night drawing as every other Powerball drawing. During this exciting time, we remind players to please play responsibly.”

Powerball tickets are $2 per play. Tickets are sold in 45 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands.

More than half of all proceeds from the sale of tickets remain in the jurisdiction where the ticket was sold.

Jackpot winners may choose to receive their prize as an annuity, paid in 30 graduated payments over 29 years, or a lump sum payment. Both prize options are prior to federal and jurisdictional taxes.

The odds of winning the jackpot are 1 in 292.2 million.

To date, Powerball holds the world record for largest jackpot set in 2016. The record $1.586 billion jackpot was shared by winners in California, Florida and Tennessee.