Powerball’s long‑awaited drawing on Wednesday could finally end a record drought, as the $1.25 billion jackpot is set to be announced at 10:59 p.m. ET.
Drawing Details
- Wednesday at 10:59 p.m. ET, streamed live on Powerball.com.
- 44th drawing since the last jackpot win on Sept. 6.
- Most drawings in a single jackpot cycle since 1992; previous record was 42.
Jackpot History
- Current jackpot ranks sixth‑largest in Powerball history.
- Seventh jackpot to reach the $1 billion mark and second this year.
- The most recent win in September saw tickets in Missouri and Texas share a $1.787 billion grand prize, the second‑largest in history.
Winning Options & Taxes
- Match all five white balls plus the red Power Ball.
- Option 1: $1.25 billion paid via a 30‑year annuity.
- Option 2: Lump‑sum estimated $572.1 million.
- Both options are subject to federal taxes and, in most jurisdictions, state taxes.
Powerball Basics
- Played in 45 states, Washington, D.C., Puerto Rico and the U.S. Virgin Islands.
- Three drawings per week—Mondays, Wednesdays and Saturdays.
- Ticket cost $2; adding the Power Play option for $1 multiplies winnings by 2, 3, 4, 5 or 10.
- The largest jackpot ever awarded was $2.04 billion in 2022 when a California ticket won.
Expert Insight
- Attorney Andrew Stoltmann, who has represented 12 lottery winners, said: “Unfortunately, the people who win the lottery think at that point, the journey is over. And what they don’t realize is that the journey has really just begun,”.
Key Takeaways
- 44th drawing since the last win, the most in a cycle since 1992.
- $1.25 billion jackpot, sixth‑largest, with two payout options.
- Winning prize subject to federal and state taxes; Power Play available.
The upcoming drawing offers a chance to break a historic drought, but winners must weigh the long‑term annuity against a lump‑sum payout and the tax implications that come with such a windfall.
