The Lottery Powerball Jackpot is exploding again—officially estimated at $950 million for the next drawing on Saturday, August 30, 2025, with a cash value of $428.9 million before taxes. That makes it the sixth-largest Powerball prize ever and the biggest advertised jackpot in more than a year, according to the game operator.
If you’re planning to play, here’s everything that matters right now—pulled from official sources—so you can separate hype from facts and approach the moment with a clear plan.
When is the drawing and how do you watch?
Powerball drawings happen every Monday, Wednesday, and Saturday at 10:59 p.m. ET. You can watch the broadcast live from the Florida Lottery draw studio or stream it from Powerball’s website.
The latest numbers from Wednesday, Aug. 27 were 9, 12, 22, 41, 61 and Powerball 25 (Power Play 4X). There was no jackpot winner, though tickets in MS, OH, and VA hit $2 million with Power Play, and tickets in AZ, NY, and VA hit $1 million. That rollover pushed the jackpot to Saturday’s $950M figure.
Jackpot vs. cash value: what those two numbers really mean
The banner number you see on billboards is the annuity value—paid out over 30 graduated annual payments (over 29 years). The cash value—Saturday’s is estimated at $428.9 million—is the amount required in the prize pool to fund the annuity, and it’s what you receive if you pick the lump sum. Both figures are estimates until ticket sales finalize and securities are bid for the annuity.
What are the odds?
Your chance of winning the jackpot is 1 in 292,201,338. The odds of winning any prize are roughly 1 in 24.9, according to state lottery disclosures summarizing the official matrix.
How much does a ticket cost—and what about Power Play?
A standard Powerball play costs $2. Adding the optional Power Play multiplier is another $1 per play; it boosts non-jackpot prizes (for example, turning a $50,000 win into $100,000 with 2X, etc.).
Why the jackpot is this big
Jackpots stack when no one matches all five white balls plus the red Powerball. Since no ticket hit on Wednesday, the prize climbed again. Powerball notes Saturday’s pot is the sixth-largest in game history—one reason you’re seeing long lines and surging web traffic right now.
Taxes: what you’ll actually keep if you hit big
Two realities to hold in your head at once: 1) you’re taxed on gambling winnings, and 2) the mandatory federal withholding is 24%, which is only a down payment on what you may truly owe when you file your return. High earners (and a nine-figure prize definitely makes you one) can see a top marginal federal rate above that withholding. The IRS confirms that gambling winnings are fully taxable and reported, commonly on Form W-2G.
States may also withhold taxes; it varies by jurisdiction and whether your state has an income tax. Some lotteries/overviews present typical withholding practices (for example, many agencies withhold 24% federally for large wins and add state withholding where applicable), but your final bill depends on your full-year situation. Consult a licensed tax professional in your state—especially if you plan to move or claim in a different jurisdiction.
Annuity or lump sum: deciding like a grown-up
Powerball lets winners choose between a 30-payment annuity (each year’s payment rises, usually by about 5%) and a lump-sum cash payout. The right choice isn’t one-size-fits-all. Annuities provide guardrails and guaranteed, growing income streams; lump sums front-load your flexibility (and your tax bill). Multiple state lottery pages outline the structure; note that annuity payments continue to your estate or designated beneficiaries if you die during the term.
How to play smarter (even with long-shot odds)
1) Treat it as entertainment, not a plan. With 1-in-292-million odds, keep your spend modest and fixed. The expected value is negative; you’re paying for a chance and a little suspense.
2) Join a pool—with rules. Office pools can be fun, but write everything down: who’s in, how much each paid, who buys, and how tickets are stored and shared. If there’s a win, you’ll need clean records for taxes and, yes, friendships. The IRS paperwork (W-2G and sometimes Form 5754 for group winners) exists for a reason.
3) Photograph and secure your tickets. Sign the back, snap the front and back, and store tickets in a safe place. If you’re playing digital, keep confirmation emails/receipts.
4) Know your claim window. States set strict deadlines (often 180 days to a year) for claims. Don’t wait until the last day—especially if you plan to assemble a legal/financial team. State lottery pages list deadlines and claim office hours.
5) Pick a tax-and-legal team before you celebrate online. The IRS considers lottery wins fully taxable income; professional guidance on trusts, withholding, and estimated payments can save a fortune and stress.
Last drawing highlights: who won what
For the most recent drawing (Wed., Aug. 27), Powerball’s official results show no jackpot winner, three $2 million winners (Match 5 + Power Play) in Mississippi, Ohio, and Virginia, and three $1 million winners (Match 5) in Arizona, New York, and Virginia. That scoreboard confirms the current rollover to Saturday’s $950M.
Ticket cutoffs and when to check numbers
Most states stop sales a little before the 10:59 p.m. ET draw—some as early as an hour ahead—so don’t cut it close. After the draw, you can check numbers via your state lottery, the official Powerball site, or the on-air broadcast/stream.
Responsible play resources (because real life matters more)
Jackpots this size can prompt spur-of-the-moment spending. If lottery play stops being fun, contact 1-800-GAMBLER in the U.S. for free, confidential help. Many state lottery websites list additional support resources and self-exclusion options.
One quick link before you buy
Want the most accurate, up-to-the-minute numbers straight from the source? Use the official Powerball site for tonight’s estimated jackpot, cash value, and live results. (Bookmark it so you don’t rely on screenshots.)
Bottom line
Saturday night’s $950 million lottery Powerball jackpot is real, verified, and within striking distance of a billion. Drawings are Mon/Wed/Sat at 10:59 p.m. ET; the cash option sits at roughly $428.9 million before taxes; odds remain a moonshot at 1 in 292,201,338. If you play, do it with a plan—set a budget, keep records, and know the tax landscape before you dream about yachts. And if lightning strikes, your first purchase shouldn’t be a supercar; it should be time with a lawyer and a CPA.
