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Powerball jackpot hits $1.2 billion. Which payout is best


The Powerball jackpot hit $1.2 billion on Oct. 3, 2023, the third-biggest prize in the game’s history.

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The Powerball jackpot has climbed to an estimated $1.2 billion — the third-largest prize in the game’s history — without a winner Monday night.

Among the winner’s big decisions will be the choice between a lump sum payout worth $551.7 million or an annuitized prize of $1.2 billion. Both options are pretax estimates.

The next Powerball drawing is Wednesday at 11 p.m. ET, and the odds of winning the jackpot are 1 in 292.2 million.

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While the lump sum provides a full prize up front, the annuity offers one immediate payment, followed by 29 annual payouts that increase 5% each year, according to Powerball.

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However, some winners may later decide to sell the annuity to a third-party company for a lump sum payment. “The issue is they don’t get the best bang for their buck on that payoff,” Loyd warned.

Wednesday’s Powerball drawing comes less than three months since a single ticket sold in California won the game’s $1.08 billion jackpot. This is the first time the game has seen back-to-back billion-dollar jackpots. Meanwhile, the Mega Millions jackpot is currently worth an estimated $315 million, and the odds of winning that grand prize is roughly 1 in 302 million.



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