Powerball Jackpot Hits Record $1.6B: What To Know In FL

FLORIDA — The Powerball jackpot for Saturday's drawing has ballooned to $1.6 billion, with a cash value of $782.4 million, the largest prize in U.S. lottery history.

If nobody wins the jackpot in Saturday's drawing, the next drawing on Monday, Nov. 7, will boast an estimated jackpot of $1.9 billion, lottery officials said.

See where you can buy a Powerball ticket in Florida.

Powerball drawings take place at 10:59 p.m. ET on Mondays, Wednesdays and Saturdays.

The estimated jackpot tops 2016’s world record $1.586 million Powerball prize, split by players in California, Florida and Tennessee.

Florida is among the top-selling Powerball states in the country, with more than 113 million winning tickets totaling more than $3.5 billion in prizes, including 16 jackpot winners, the state lottery said.

Winners may choose to receive their prize as an annuity paid in 30 graduated payments over 29 years, or they may take the cash payout. Nearly all winners choose cash.

These are the largest Powerball jackpots in the game's history after Saturday's prize:

• $1.586 billion, Jan. 13, 2016
• $768.4 million, March 27, 2019
• $758.7 million, Aug. 23, 2017
• $731.1 million, Jan. 20, 2021

Federal taxes would about $187.8 million of the cash prize. Most states also tax lottery winnings. California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming don’t tax lottery winnings.

The odds of winning are abysmal, about 1 in 292.2 million. Odds of winning any prize are better, 1 in 24.9.

A Powerball ticket costs $2. For an additional $1 per ticket, players can multiply non-jackpot prizes by up to 10 times with the Power Play feature. One caveat: The 10X multiplier is only available when the advertised jackpot annuity is $150 million or less.

To win the jackpot, a player must match all white balls in any order and the red Powerball number. Lottery officials say chances are higher when players don’t choose their own numbers. About 75 percent of winning tickets over the years were picked by a computer.

Tickets are sold in 45 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. According to Powerball, more than half of all ticket sales remain in the jurisdiction where the ticket was sold.

The winning Powerball numbers are drawn every Monday, Wednesday and Saturday at 10:59 p.m. Eastern time, with Powerball results usually posted within 5 minutes.

Lottery officials have advice for whoever has the winning numbers:

1. Sign your winning ticket. Write your full name and signature on the back of the winning ticket. If you lose your ticket, having your name on the ticket means that no one else will be able to cash it in.
2. Keep your winning ticket in a safe place. Take steps to protect your winning lottery ticket by putting it somewhere safe where it won't accidentally get thrown out.
3. Get legal and financial advice. It might be wise to talk to some experienced professionals such as a lawyer, an accountant, or an investment advisor to help manage your winnings.