Powerball jackpot climbs to $1 billion for Saturday drawing as summer streak continues
The Powerball jackpot for tomorrow night’s drawing has surged to an estimated $1 billion after a review of national ticket sales, up from the previous estimate of $950 million. The estimated cash value for Saturday’s prize is $453.1 million.
This marks the sixth Powerball jackpot to reach the billion-dollar threshold in the game’s 33-year history. Powerball Product Group Chair and Iowa Lottery CEO Matt Strawn said the holiday weekend adds extra excitement: “For just $2, every ticket is a chance to win big, while also giving back to public programs and services that benefit communities wherever Powerball is played.”
Saturday’s drawing will be broadcast live at 10:59 p.m. ET from the Florida Lottery draw studio in Tallahassee, Fla., and will also be streamed on Powerball.com.
If a player wins, they will have the option between an annuitized prize of about $1 billion or a lump-sum payment of roughly $453.1 million, with all prize options subject to taxes. Those choosing the annuity would receive one immediate payment followed by 29 annual payments that increase by 5 percent each year.
The Saturday drawing continues a long streak, coming as the 39th drawing since Powerball’s last jackpot win, which occurred in California on May 31, 2025. The summer run has produced 62 winning tickets worth $1 million or more and 608 tickets worth $50,000 or more.
Powerball tickets cost $2 per play and are sold in 45 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. More than half of all proceeds from ticket sales stay in the jurisdiction where the ticket was sold. Since its first drawing in 1992, Powerball has generated more than $36 billion for good causes supported by U.S. lotteries.
Powerball drawings are held three times a week—Monday, Wednesday and Saturday—at 10:59 p.m. ET from the Florida Lottery draw studio and are also live-streamed on Powerball.com. The overall odds of winning any prize are 1 in 24.9, while the odds of hitting the jackpot are 1 in 292.2 million.
Overall takeaway: the $1 billion milestone underscores Powerball’s enduring appeal and the dream of a life-changing windfall just ahead of Labor Day weekend. If you’re playing, remember to do so responsibly.