The Powerball jackpot has climbed to an estimated $975 million after no ticket matched all six winning numbers in Monday night’s drawing, making it the largest lottery prize of 2026 to date. While the advertised jackpot is approaching the $1 billion milestone, the eventual winner would receive substantially less after taxes if opting for a lump-sum payment.
The winning numbers drawn Monday night were 6, 37, 54, 55, 64, with Red Powerball 10.
The winner of Wednesday night’s drawing will be able to choose between receiving the full $975 million jackpot in 30 annual payments or accepting a one-time cash payout of approximately $422.3 million, the option selected by most jackpot winners.
If the cash option is chosen, the federal government’s mandatory 24% withholding would immediately reduce the payment to about $320.9 million.
Depending on the winner’s total taxable income, the federal tax rate could ultimately reach 37%, lowering the after-tax payout to roughly $266 million.
Those who choose the annuity option would receive annual payments of approximately $32.5 million before taxes. After applying the top federal tax rate of 37%, each yearly payment would be reduced to about $20.5 million.
State taxes could further reduce the winnings. Some states, including New York, impose taxes on lottery prizes, with New York’s rate reaching 10.9%, while states such as Texas, Florida, and California do not tax lottery winnings.
Last month, Powerball expanded ticket sales to the United Kingdom for the first time. Officials said the move is expected to increase jackpot growth by adding more ticket sales to the prize pool.
Under the U.K. version of the game, jackpot winners are required to receive their prize through annual installments over 30 years and are not offered a lump-sum cash option. The U.K. National Lottery currently advertises the jackpot at £503 million (approximately $679.5 million), a figure officials say reflects the estimated value of the 30-year payout after accounting for exchange rates and U.K. tax requirements.
The current jackpot surpasses this year’s previous largest lottery prize—an $800 million Mega Millions jackpot won by a ticket holder in Florida last week. Among Powerball winners this year, the largest claimed jackpot had previously been a $250.8 million prize won by a player in Arkansas.
The next Powerball drawing is scheduled for Wednesday night. If no one wins, the jackpot is expected to become the first U.S. lottery prize to exceed $1 billion since December 2025.
The odds of winning the Powerball jackpot remain 1 in 292.2 million, unchanged despite the addition of U.K. players. Those odds are even longer than Mega Millions, where the chance of winning the top prize is approximately 1 in 290.4 million.
{Matzav.com}
