Powerball jackpot climbs to $1.6 billion ahead of next drawing

(NEW YORK) — The Powerball jackpot has soared to one of the largest in the lottery game’s history.

The current jackpot is estimated to be $1.6 billion ahead of Monday night’s drawing. That would make it the fourth-largest in Powerball history and the fifth-largest among U.S. lottery jackpots.

The estimated cash value of the current jackpot is $735.3 million.

Both figures are before taxes.

A player who wins the Powerball jackpot can choose between the lump sum payment or an annuity option, in which one immediate payment is received followed by 29 annual payments that increase by 5% each year.

The odds of winning the jackpot are 1 in 292.2 million, according to Powerball.

The game’s jackpot was last won in September, when two tickets in Missouri and Texas split the $1.787 billion prize — Powerball’s second-largest jackpot ever.

The game’s largest prize ever was $2.04 billion, won on Nov. 7, 2022, in California.

Tickets are $2 per play and are sold in 45 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. Monday night’s drawing is at 10:59 p.m. ET.

Top 10 Powerball jackpots and winning locations

1. $2.04 billion — Nov. 7, 2022 — California

2. $1.787 billion — Sept. 6, 2025 — Missouri, Texas

3. $1.765 billion — Oct. 11, 2023 — California

4. $1.6 billion (current estimated jackpot)

5. $1.586 billion — Jan. 13, 2016 — California, Florida, Tennessee

6. $1.326 billion — April 6, 2024 — Oregon

7. $1.08 billion — July 19, 2023 — California

8. $842.4 million — Jan. 1, 2024 — Michigan

9. $768.4 million — March 27, 2019 — Wisconsin

10. $758.7 million — Aug. 23, 2017 — Massachusetts