The Powerball jackpot has climbed to an estimated $716 million for Wednesday, October 28, after no ticket matched all six numbers in Monday’s drawing.
The jackpot has gone more than 30 consecutive drawings without a winner. The last grand prize winner claimed $1.04 billion on August 12, when a single ticket purchased in Illinois matched all six numbers.
Although nobody claimed Monday’s jackpot, two tickets won $1 million each. According to the Powerball website, one winning ticket was sold in Florida and the other in Georgia. Both matched all five white balls but missed the Powerball.
Wednesday’s drawing offers a potential winner the choice between the advertised $716 million annuity and a one-time cash payment of $307.2 million before taxes.
Powerball’s $716 Million Jackpot Comes With Extremely Long Odds
Players hoping to claim Wednesday’s jackpot face odds of approximately 1 in 292.2 million.
The National Weather Service estimates that a person’s odds of being struck by lightning in any given year are approximately 1 in 1.2 million. Based on those figures, someone is roughly 240 times more likely to be struck by lightning in a year than to win the Powerball jackpot with a single ticket.
However, players have better odds of winning smaller prizes.
Powerball reports that the overall odds of winning any prize are 1 in 24.9. Prizes start at $4 and increase depending on how many numbers a ticket matches.
A ticket that matches all five white balls but not the Powerball wins $1 million, as Monday’s winners in Florida and Georgia showed.
How Much Would a $716 Million Powerball Winner Actually Receive?
The advertised $716 million jackpot is the annuity option, which pays out over 30 payments spanning 29 years.
According to Powerball, an annuity winner receives one immediate payment followed by 29 annual payments that increase by 5% each year.
A winner who chooses the lump-sum option would instead receive $307.2 million before taxes.
Federal taxes would substantially reduce that amount.
The IRS requires a 24% federal withholding on large lottery winnings. For a $307.2 million cash prize, that initial withholding would total approximately $73.7 million, leaving roughly $233.5 million.
However, the winner would likely owe additional federal income taxes because the prize places them in the highest tax bracket.
At a 37% federal tax rate, the total federal tax liability would be approximately $113.7 million, leaving about $193.5 million before any applicable state or local taxes.
The final amount would depend on where the winning ticket was purchased and the winner’s individual tax situation.
Powerball’s Biggest Winners Include a Record $2.04 Billion Jackpot
The largest Powerball jackpot in history remains the $2.04 billion prize won by Edwin Castro in November 2022.
Castro purchased the winning ticket at Joe’s Service Center in Altadena, California.
Although Castro has generally kept a low public profile, The Wall Street Journal reported in 2025 that he spent about $10 million to buy 15 lots in his hometown after the devastating January 2025 wildfires.
The most recent jackpot winner, who purchased a ticket in Illinois on August 12, 2026, chose to remain anonymous after claiming $1.04 billion.
Illinois lets lottery winners who claim prizes over $250,000 keep their identities private.
The August jackpot ranks as the eighth-largest Powerball prize since the lottery began in 1992.
The 10 largest Powerball jackpots are:
- $2.04 billion — November 7, 2022, California
- $1.817 billion — December 24, 2025, Arkansas
- $1.787 billion — September 6, 2025, Missouri and Texas
- $1.765 billion — October 11, 2023, California
- $1.586 billion — January 13, 2016, California, Florida and Tennessee
- $1.326 billion — April 6, 2024, Oregon
- $1.08 billion — July 19, 2023, California
- $1.04 billion — August 12, 2026, Illinois
- $842.4 million — January 1, 2024, Michigan
- $768.4 million — March 27, 2019, Wisconsin
Wednesday’s $716 million jackpot would not enter the all-time top 10, but it would become the latest major Powerball prize if a ticket matches all six numbers.
Powerball drawings take place every Monday, Wednesday and Saturday at 10:59 p.m. Eastern.
Powerball Jackpot Hits $716 Million After Monday’s Drawing Produces Two $1 Million Winners