The Powerball® jackpot has soared to an estimated $1.25 billion for the upcoming drawing on Wednesday night, presenting players across the nation a chance to realize their dreams this holiday season. This staggering amount carries an estimated cash option of $572.1 million.
This current jackpot is the second-largest Powerball prize of 2023, following the record-setting $1.787 billion jackpot that was won on September 6 by players in Missouri and Texas. Remarkably, this is only the second occurrence in the history of Powerball where back-to-back billion-dollar jackpots have been realized.
“Powerball has only experienced back-to-back billion-dollar jackpots on two occasions, and this one comes just in time for the festive season,” shared Matt Strawn, the CEO of the Iowa Lottery and Chair of the Powerball Product Group. He emphasized the importance of responsible play, noting that while a $2 ticket can offer a shot at winning, it also contributes to funding community-based causes.
The jackpot for Wednesday’s draw rolled over after no ticket matched all six numbers drawn – the white balls were 23, 35, 59, 63, 68, and the red Powerball was 2. The Power Play® multiplier drawn was 4.
Despite the absence of a jackpot winner, lottery officials urge players to verify their tickets for potential cash prizes. Two tickets purchased in Arizona and California matched all five white balls, securing $1 million each. Additionally, the drawing yielded 43 tickets that won $50,000 and 14 tickets that earned $200,000.
It’s worth noting that in California, the amounts for prize payouts are recognized as pari-mutuel, which depends on ticket sales and the number of winners.
This upcoming drawing will mark the 44th since the current jackpot run began, setting a record for the most drawings in a single jackpot cycle. The last jackpot was won on September 6 by two players in Missouri and Texas who shared the $1.787 billion prize.
The only previous instance of back-to-back billion-dollar jackpots occurred earlier in 2023, when a $1.08 billion jackpot was claimed on July 19, followed by a $1.765 billion prize won on October 11, both by players in California.
The winner of Wednesday’s drawing will have the option of choosing between an annuitized prize of $1.25 billion or a lump sum payment of $572.1 million, with both amounts subject to taxation. Opting for the annuity would mean an immediate payment followed by 29 annual payments, each increasing by 5 percent.
Powerball tickets, priced at $2 per play, are available in 45 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. A significant portion of the proceeds from each ticket sale is retained in the jurisdiction where the ticket was purchased. Since its inception in 1992, the Powerball game has raised over $37 billion to support various community initiatives funded by U.S. lotteries.
Powerball drawings occur live every Monday, Wednesday, and Saturday at 10:59 p.m. ET from the Florida Lottery draw studio in Tallahassee, with live streaming available on Powerball.com. The overall odds of winning any prize are 1 in 24.9, while the odds of hitting the jackpot are a daunting 1 in 292.2 million.