Powerball Jackpot Reaches $565 Million, Largest of 2025
The Powerball jackpot has climbed to $565 million, marking the largest lottery prize of 2025, with the next drawing scheduled for Saturday night.
The Powerball jackpot has risen to $565 million, the largest lottery prize of 2025, after no ticket matched all six numbers in Wednesday night's drawing. The numbers drawn were 4, 11, 40, 44, 50, and the red Powerball 4.
The next drawing is scheduled for Saturday night. If a winner emerges, they can choose between a $565 million annuity paid over 30 years or a lump sum cash payout of $258.8 million. Opting for the lump sum would result in a mandatory federal withholding of 24%, reducing the amount to $196.7 million. Depending on the winner's taxable income, the federal marginal tax rate could be as high as 37%, further decreasing the prize to approximately $163 million.
State taxes may also apply, varying by jurisdiction. For instance, New York imposes a 10.9% tax on lottery winnings, while states like Texas, Florida, and California do not tax lottery prizes.
The odds of winning the Powerball jackpot are 1 in 292.2 million. The current jackpot surpasses the previous 2025 record of $526.5 million, won by a California ticket holder in March. The largest Mega Millions jackpot this year was $349 million, claimed by an Illinois resident in March. In 2024, the biggest lottery prize was a $1.326 billion Powerball jackpot won by an Oregon resident.