The Powerball jackpot has officially crossed the monumental $1 billion mark ahead of the Wednesday drawing.
An estimated $1.09 billion prize is now on the line for Wednesday’s drawing, which can be paid out in an annuity over 30 years or as a $527.3 million cash payment. Both are subject to state and federal taxes.
“As this jackpot climbs toward a record level, we remind people to keep the experience of playing the Lottery enjoyable by playing responsibly and within their means,” said Mark William Bracken, Executive Director of the Massachusetts State Lottery.
Wednesday will mark the 40th drawing since a Michigan ticketholder last hit the Powerball jackpot on New Year’s, winning $842.4 million.
If won, the $1.09 billion prize would be the fourth largest in the game’s history and the ninth largest in U.S. lottery history. The last record topping jackpot was a $1.765 billion prize won in California on Oct. 11, 2023.
The odds of winning the Powerball’s grand prize are 1 in 292.2 million. The odds of winning any Powerball prize, starting at $4, are about 1 in 38.
In the Powerball drawing on Monday, players won $50,000 Quick Pick prizes from a 7-Eleven in North Reading and a Stop & Shop in Saugus.
Just one week ago, a player in New Jersey won a $1.13 billion Mega Millions jackpot, the 8th largest in U.S. lottery history.
Powerball drawings are held every Monday, Wednesday, and Saturday at 10:59 p.m. Tickets can be purchased for $2 at Massachusetts lotter retailers until 9:50 p.m. ahead of the drawing on Wednesday.
