If you were in line at a convenience store Friday night, you probably noticed more people than usual buying $2 slips and daydreaming out loud. The Powerball jackpot has climbed back to an estimated $1 billion for Saturday’s drawing — the second time this year the multi-state game has reached nine figures.
The advertised annuity prize sits at about $1 billion, with a one‑time lump-sum payout generally falling in the high‑$400‑millions range (before taxes). The odds of matching all five white balls and the red Powerball remain a stubborn 1 in 292.2 million. Saturday’s drawing is set for 10:59 p.m. ET and can be watched at the Powerball official site.
A long run and a familiar climb
This latest surge follows a 41‑drawing run without a jackpot winner — a streak tied for the longest in Powerball’s history. The last time the top prize was claimed was Sept. 6, when two ticketholders in Missouri and Texas split a $1.787 billion jackpot. If someone wins Saturday, the prize will land among the seven largest Powerball jackpots ever recorded.
The game’s format (pick five numbers from 1–69 and one Powerball from 1–26) and its three weekly drawings (Monday, Wednesday, Saturday at 10:59 p.m. ET) are familiar to millions. But what feels new is how often lotteries are now advertising prizes over $1 billion.
Why billion‑dollar jackpots are popping up more often
A handful of deliberate changes and larger economic forces have conspired to make huge jackpots more likely:
- Ticket pricing and mechanics: Over the past decade Powerball and Mega Millions adjusted pricing and the way prizes are structured. Powerball raised its ticket price to $2 in 2012 and altered ball ranges in 2015, which improved the odds of winning smaller prizes while making the jackpot harder to hit — a formula that encourages more rollovers and bigger advertised numbers.
- Game design choices: As Victor Matheson, an economist at the College of the Holy Cross, has explained, lotteries can effectively “tune” odds by changing the pool of numbers. Fewer jackpot wins means more rollovers and faster growth of the top prize.
- Bigger player pools: Both major games now sell tickets in nearly every state (and in Washington, D.C. and the U.S. Virgin Islands), expanding the buyer base. More players equals faster multiplication of the jackpot when it rolls.
- Interest rates and annuities: Lotteries advertise annuitized jackpots — the total of 30 rising annual payments — which are influenced by current interest rates. Higher rates allow organizers to promise a larger annuity figure even if the immediate cash option is smaller. Most winners, however, opt for the lump sum.
These factors combined help explain why the U.S. has seen more billion‑dollar prizes in recent years: the first ever was in 2016, and since 2021 there’s been a notable spike in jackpots crossing that threshold.
What changes for players (and local shops)
Your personal chance of winning doesn’t improve just because the advertised prize grows or more people are buying tickets. Each ticket’s odds remain the same. But larger jackpots do attract casual players — the folks who otherwise wouldn’t be in line — and that brings real business to corner stores and gas stations. Retailers who sell a winning ticket receive a bonus, and increased foot traffic often translates into additional sales.
Some state lotteries have even leaned into the frenzy: promotions, giveaways and longer opening hours are common when prizes swell. In some places, queues form early in the day as hopeful players try to beat the deadline.
How to play — and what to remember
You pick five numbers from 1 to 69 and one Powerball number from 1 to 26. There are nine prize tiers overall, so even without the jackpot you can win smaller amounts. Drawings are broadcast live and the Powerball site hosts official results and explanations of cash versus annuity options.
If you do play, treat it as entertainment rather than an investment. Odds are long. Taxes and the choice between a lump sum or annuity materially change what a winner actually receives.
For the small percentage who get lucky, life changes in an instant. For the rest of us, the spectacle is part of the holiday season: short dreams of new houses, surprise donations, and bizarre fantasies about what to buy first. Either way, Saturday night’s drawing will end one streak — and maybe start another.