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

NEW JERSEY — The Powerball jackpot for Saturday's drawing now stands at $1.6 billion, the largest prize in U.S. lottery history. Players in New Jersey must pick up their tickets by 9:59 p.m. that evening for a chance at the near-record lottery prize.

In Wednesday’s Powerball drawing, the winning numbers were 02, 11, 22, 35 and 60, with a Powerball of 23. Three New Jersey tickets matched all five white balls to win $1 million, with one also purchased with the Power Play multiplier to double the prize. Another 16 tickets generated at least $50,000 each. See where they were sold.

If you or someone you know has a gambling problem, call 1-800-GAMBLER®.

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

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

Winners may choose to receive their prize as an annuity paid in 30 graduated payments over 29 years, or they may take a cash payout, which is estimated at $782.4 million for Saturday’s game. Nearly all winners choose cash.

Although the eventual Powerball winner wouldn't instantly become a billionaire — unless they're already close to the billion-dollar mark — let's put $1.6 billion into perspective:

• That's 0.23 percent of New Jersey's gross domestic product, according to the St. Louis Fed.
• The richest New Jerseyan is Rocco Commisso, according to the 2022 Forbes 400. The lottery prize is roughly a fifth of his estimated net worth of $7.7 billion.
• Bruce Springsteen's estimated net worth is $650 million. Gov. Phil Murphy's former position at Goldman Sachs brought his net worth above $50 million. So the jackpot prize could make someone wealthier than "The Boss" and the governor combined.

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 jackpot has gone unclaimed since Aug. 3. If no one wins the jackpot Saturday, it will grow even larger for Monday’s Powerball drawing.