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Powerball Jackpot Hits $1.8 Billion for Tonight’s Drawing

Odds are 1 in 292 million, with IRS withholding cutting the $826.4 million cash option to about $628 million.

Overview

  • The drawing is set for 10:59 p.m. ET, with $2 tickets sold in 45 states plus Washington, D.C., Puerto Rico and the U.S. Virgin Islands.
  • Ticket buying has surged, with 162 million tickets sold for the Sept. 3 drawing, a 189% increase from the prior week.
  • A winner can choose a $1.80 billion annuity paid over 30 years with 5% annual increases or a $826.4 million lump sum.
  • The lump sum faces an automatic 24% federal withholding (about $628.1 million left before more taxes), and state taxes vary up to 10.9% while eight states levy none.
  • Research shows lottery retailers cluster in lower-income neighborhoods, and roughly 1% of lottery prize money goes unclaimed each year.