Powerball jackpot climbs to $1.6 billion, among largest lottery prizes ever in U.S.

The Powerball jackpot now stands at an estimated $1.6 billion, making it one of the largest lottery prizes in U.S. history, Powerball officials said Sunday.

No ticket matched all six winning numbers on Saturday – white balls 4, 5, 28, 52, 69 and red Powerball 20. That sets up the fifth largest U.S. jackpot ever for Monday’s drawing, according to a news release from Powerball.

The biggest U.S. jackpot was $2.04 billion in 2022. The winner bought the ticket in California and opted for a lump sum payment of $997.6 million.

The odds of winning Monday’s jackpot, which is the fourth largest in Powerball history, are 1 in 292.2 million, according to Powerball.

The winner can opt for a lump sum payment estimated at $735.3 million or an annuitized prize estimated at $1.6 billion. Both prize options are before taxes.

The annuity option offers one immediate payment followed by 29 annual payments that increase by 5 percent each year, Powerball said.

Powerball is available in 45 states and Washington. It is overseen by the Multi-State Lottery Association, a nonprofit group made up of state lotteries. Profits from ticket sales are used by states to support public education and other services.