Powerball jackpot climbs to $1 billion for Wednesday drawing

The Powerball jackpot reached $1 billion for the drawing scheduled on Wednesday night, up from $975 million after strong ticket sales on Monday. Winners may choose a cash payout estimated at $433.1 million before taxes. The prize is now the eighth-largest in Powerball history and the biggest U.S. lottery jackpot of the year.

Powerball officials said Monday’s ticket sales jumped more than 86 percent compared with the previous week’s drawing. > "The growth of this jackpot reflects an extraordinary level of player interest," said Stephen Durrell, Powerball Product Group Chair and Kansas Lottery Executive Director. He added that participation is rising both in the United Kingdom, where the game was recently introduced, and among U.S. players.

The drawing will take place at 10:59 p.m. ET from the Florida studio and will be broadcast on participating television stations and streamed online. Tickets cost $2 and are sold in 45 states, Washington, D.C., Puerto Rico, the U.S. Virgin Islands and the United Kingdom. The odds of winning the jackpot remain 1 in 292.2 million, while the overall odds of any prize are 1 in 24.9.

Revenue from ticket sales supports public programs such as education, scholarships, veterans services and parks, with more than half of each ticket’s proceeds remaining in the jurisdiction where it was purchased. Since its inception in 1992, Powerball has generated an estimated $38 billion for such causes.