Powerball Jackpot Hits World Record $1.6 Billion For Saturday Drawing

A world lottery record has been set.

The Powerball jackpot that started rolling three months ago has become the world’s largest lotto prize ever offered. Lottery officials increased the Powerball jackpot estimate Friday morning to a record $1.6 billion for the Saturday, Nov. 5 drawing.

The jackpot has a cash value of $782.4 million.

Saturday’s estimated jackpot has surpassed the world record amount previously set by Powerball in 2016, when tickets in California, Florida and Tennessee won a $1.586 billion jackpot.

“This Powerball game is delivering exactly what our players want,” said Drew Svitko, Powerball Product Group Chair and Pennsylvania Lottery Executive Director. “We are witnessing history in the making with this $1.6 billion jackpot. What’s also exciting is that this run has already created millions of winners, including nearly 100 players who have won prizes worth $1 million or more.”

The next Powerball drawing will take place at the Florida Lottery draw studio in Tallahassee at 10:59 p.m. ET on Saturday, Nov. 5. Ticket sale cut-off times vary by jurisdiction, but typically occur 1-2 hours before the scheduled drawing.

“There’s a lot of anticipation and excitement leading up to Saturday’s drawing,” Svitko said.

Saturday’s drawing will be the 40th Powerball drawing since the jackpot was last won on August 3 in Pennsylvania. If no one wins the jackpot in Saturday’s drawing, it will tie the game record for the number of consecutive drawings without a grand prize winner. The longest jackpot run in Powerball history ended on Oct. 4, 2021, when a ticket in California won a $699.8 million jackpot on the 41st drawing.

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 a Powerball ticket 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 advertised prize options are prior to federal and state taxes.

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