Published on: November 27, 2025, 12:57h.

Updated on: November 27, 2025, 01:00h.

• Powerball Jackpot for Saturday’s draw is the third largest of 2025
• Winners can choose between annual payments or a one-time lump sum
• State taxes may also apply

The Powerball Jackpot has surged beyond an impressive $700 million after last night’s draw saw no tickets matching all six numbers.

The jackpot for the upcoming draw this Saturday now stands at USD $719 million, marking it as the third largest lottery prize of 2025. Previously, last fall, the Powerball Jackpot soared to $1.8 billion, ranking as the second-largest jackpot in U.S. lottery history, just behind the record $2.04 billion won in 2022. Notably, two winners shared that jackpot in September, including one from a Texas trust who claimed the annuitized prize, while another winner resided in Missouri.

However, players must consider the fine details surrounding Powerball draws. The cash option for this Saturday’s jackpot is $333.3 million. Should there be a winner, they will need to decide between receiving the $719 million as annual payments over 30 years or opting for a one-time cash payment of $333.3 million.

The Importance of Claiming Location

A standard federal withholding tax of 24% applies if the winner chooses the $333.3 million cash option, reducing the payout to $253.3 million. Additionally, the federal tax rate could soar to as high as 37%, depending on the winner’s taxable income, potentially lowering the amount to around $210 million.

If the winner opts for annual payments, the initial $24 million decreases to approximately $15.1 million if the 37% federal tax rate comes into effect.

The claimant’s location is significant—states such as California, Florida, New Hampshire, Texas, and Tennessee impose no state taxes on Powerball winnings. Conversely, winners in New York face an 8.82% state tax plus an additional 3.876% for residents of New York City.

Cash Option of $333.3 Million

Last night, there were four $1 million winners from California, New Jersey, Pennsylvania, and South Carolina, but none at the $2 million level.

Playing Powerball costs $2 per ticket. Participants must select five numbers between 1 and 69 for the white balls and one number between 1 and 26 for the red Powerball. To win, all five white balls must match in any order, along with the red Powerball.

Powerball drawings occur every Monday, Wednesday, and Saturday at 9:59 p.m.