The Powerball jackpot climbed to $905 million following Saturday night’s drawing after no tickets matched all six numbers, according to lottery officials. According to Powerball, the winning numbers for the Saturday drawing were 5, 9, 35, 54, 63 and the red Powerball number 7. The next drawing for the massive multi-state lottery prize is scheduled for Monday night at 10:59 p.m. EDT.
Lump-Sum vs. Annuity Payout Options for the $905 Million Powerball Jackpot
If a player wins the $905 million prize during Monday night’s drawing, they can select between an estimated $391.9 million lump-sum cash option or an annuity distributed over 30 years, according to Powerball figures. According to lottery data, the lump-sum payment remains the more popular choice among past winners. Choosing the cash option triggers an immediate 24% federal withholding tax, reducing the payout to roughly $297.8 million. Winners are then typically bumped into the highest federal tax bracket with a 37% marginal rate, further lowering the take-home total to approximately $246.8 million, based on standard tax projections.
Alternatively, selecting the annuity delivers the full $905 million prize split into 30 annual payments over a 29-year span. According to Powerball rules, each annual installment increases by 5% over the previous year, resulting in roughly $570 million collected after federal taxes. State taxes also vary significantly depending on where the winning ticket was purchased. According to state tax guidelines, New York levies up to 10.9% on lottery winnings, whereas states like California, Texas, and Florida do not tax lottery prizes at all.
Pro Tip: Players can watch the Powerball drawings live every Monday, Wednesday, and Saturday at 10:59 p.m. EDT directly on the official Powerball website or via their YouTube channel, according to lottery organizers.
Staggering Odds and Recent Million-Dollar Powerball Winners
The odds of capturing the grand Powerball prize sit at roughly 1 in 292.2 million, according to lottery statistics. Winning the jackpot requires matching all five white ball numbers ranging from 1 to 69, alongside the red Powerball number ranging from 1 to 26. Even though the top prize rolled over, several players across the country still secured secondary prizes during the Saturday drawing.
According to Powerball, multiple players matched all five white balls to claim $1 million prizes, including ticket holders in Florida, Arizona, Michigan, and New York. Additionally, one player in Texas matched all five white numbers while purchasing the optional Power Play feature, doubling their secondary prize to $2 million. According to lottery odds, hitting that specific five-number tier without the Powerball carries long odds of about 1 in 11.6 million.
Did You Know?
Frequently Asked Questions
When is the next Powerball drawing?
The next Powerball drawing will take place on Monday night at 10:59 p.m. EDT, according to lottery officials.
What are the odds of winning the Powerball jackpot?
The odds of winning the top jackpot are approximately 1 in 292.2 million, according to Powerball data.
How much is the lump-sum cash option worth?
The lump-sum cash option for the current $905 million jackpot is estimated at $391.9 million before taxes, according to lottery figures.
Do all states tax lottery winnings?
No. While states like New York tax winnings up to 10.9%, states such as California, Florida, and Texas do not levy state taxes on lottery prizes, according to state tax guidelines.
What are your thoughts on the surging Powerball jackpot? Would you choose the lump sum or the annual payments if you won? Let us know in the comments below, and subscribe to our newsletter for the latest drawing updates!
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