Jackpot winners may choose to receive their prize as an annuity, paid in 30 graduated payments over 29 years, or a lump-sum payment. The jackpot is won by matching all five white balls in any order and the red Powerball. Currently, the Powerball jackpot does not have a minimum starting value. Latest Powerball winning numbers Start the day smarter. Players win a prize by matching one of the 9 ways to win. 11, Powerball lottery jackpot drawing is worth an estimated 220 million with a cash option of 101.1 million. The annuity payout calculator below shows a breakdown of the gross annuity value for the current jackpot, and the applicable federal and state tax for each year. The Powerball jackpot grows until it is won. The latest jackpot run has produced dozens of winning tickets worth 1 million or more. Since then, there have been 22 consecutive drawing without a jackpot winner. The payouts are graduated so they increase 5 percent year-on-year. The Powerball jackpot was previously hit in the July 19 drawing when a ticket in California won a prize worth 1.08 billion, the third-largest Powerball jackpot ever won. The lottery jackpot jumped to an estimated 1.55 billion, with a cash value of 679.8 million, after no winners emerged from Saturdays drawing. If you opt for the annuity payout you will receive the jackpot amount as a series of 30 annual payments over 29 years.
