The Powerball jackpot is growing once again.
There were no winning tickets in the most recent Powerball drawing on Monday night, causing the already massive $1.1 billion prize to climb to an astonishing $1.3 billion.
This makes it the fifth-largest jackpot in Powerball history. Last week, it was already among the top 10 biggest prizes, and it’s the largest jackpot of the year so far. As this giant prize keeps growing, it’s capturing the nation’s attention.
This post on X (formerly Twitter) will account for that.
Monday's winning Powerball numbers were 8, 23, 25, 40, 53, and 5 as the Powerball.
Despite the anticipation, no player held the lucky ticket that matched all six numbers. Now, the excitement will build for the next drawing, which is scheduled for Wednesday night.
Prize Options for the Next Powerball Drawing
Should someone defy the astronomical odds of 1 in 292 million and win the next Powerball draw, they would face the choice between a hefty one-time lump-sum payment or a 30-year annuity.
The cash option currently stands at $589 million before taxes, while the annuity offers over $5 million annually.
We haven't witnessed anything like this since the Mega Millions jackpot topped $1 billion back in December.
Recent Powerball Winners and Historical Context
While Monday's drawing lacked a jackpot winner, it did produce several prizes that are definitely life-changing. Two tickets are worth $2 million and 10 ticket-buyers are collecting $1 million each. Among the million-dollar winners are two in New Jersey and one in New York.
The last time someone took home the Powerball jackpot was on May 31.
Historically, the largest Powerball prize reached an unprecedented $2.04 billion. It was won by Edwin Castro in California on November 7, 2022. Castro pocketed nearly $630 million. Why?
Castro decided to take a one-time cash payment instead of smaller, regular payments over many years. Then taxes took a big bite out of his winnings.
This one-time payment amounted to $997.6 million. 24% was withheld for federal taxes, which totaled $239.4 million. Because he was in the highest tax bracket, he owed more at tax time, adding another $129.7 million in federal taxes. Altogether, his federal tax bill was $369.1 million.
After paying all the federal taxes, Edwin walked away with about $628.5 million. Luckily, because he bought the ticket in California, he didn't have to pay any state taxes on his lottery winnings.
You can find out how much will be taken out in your state—here.
Notable Comparisons and Rare Occurrences
The $2.04 billion jackpot remains the largest lottery prize ever recorded globally.
It surpassed previous massive jackpots, including the $1.5864 billion split among three winners in 2016 and a $1.765 billion win in California in October 2023. While Mega Millions has come close, no single prize has exceeded Powerball's record set in 2022.
Billion-dollar Powerball jackpots are a rarity, with only five recorded as of 2025. Winners frequently choose the immediate gratification of the lump sum over the full annuity value, an option that significantly reduces the total payout but provides quicker access to the cash.
Growing Anticipation for Wednesday’s Powerball Drawing
As the anticipation builds for Wednesday's Powerball drawing, many are left wondering if Lady Luck will finally shine on a lucky winner, or a group that pools their money together for tickets.
The odds may be long, but the potential reward has never been more enticing. With the promise of changing someone's life in an instant, the Powerball offers millions across the nation the chance to dream.
But remember, if you do decide to play the lottery or take part in any other form of gambling, always exhibit responsible gambling practices. Set limits, and never gamble more than you can afford to lose.
