The Powerball jackpot now sits at an estimated $1.73 billion after Monday night’s drawing yielded no winner of the grand prize.
Monday’s $1.5 billion prize numbers were 16, 34, 46, 55, 67, and Powerball number 14, and the multiplier was 3. The game will continue on Wednesday, marking the 36th run, with Powerball announcing it’s the second-largest jackpot ever.
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Here is what the public needs to know before Wednesday night's drawing.
How much is the Powerball jackpot worth?
As of Wednesday, the Powerball jackpot stands at an estimated $1.73 billion with a cash value of about $756 million.
The largest Powerball jackpot ever was won in November: $2.04 billion. The second largest was a $1.586 billion jackpot in January 2016, with Wednesday’s drawing surpassing that number.
When do drawings occur?
Powerball drawings are at 10:59 p.m. EDT every Monday, Wednesday, and Saturday.
Which states participate?
Forty-five states, as well as Washington D.C., the U.S. Virgin Islands, and Puerto Rico, participate in the Powerball. Alabama, Alaska, Hawaii, Nevada, and Utah do not participate in statewide or multistate lottery programs.
How are winners paid out?
Winners can choose to receive their payment as an annuity or a lump sum.
The lump sum option is the path most winners take and is a one-time payment of the jackpot. The IRS takes a major cut of the earnings, requiring a mandatory 24% withholding for funds over $5,000. Winners must pay taxes on their prize, depending on which state they reside in.
Those who select the annuity option will have their winnings paid out over 30 payments over 29 years, with the disbursement increasing at a rate of 5% per year. Taxes need to be paid out throughout the distribution period, and rates can vary over the years.
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How can I participate?
Those interested in Wednesday’s game can buy a ticket to play the Powerball at participating convenience stores, gas stations, and grocery stores. Players pick five numbers between 1 and 69 for the white balls and select one number between 1 and 26 for the red Powerball. If all numbers match, the player will win one of the largest lottery prizes in U.S. history.