Powerball jackpot hits $1 billion ahead of Labor Day weekend drawing

LOUISVILLE, Ky. (WDRB) -- The Powerball jackpot has surged to an estimated $1 billion for Saturday night's drawing!

This marks only the sixth time in Powerball's 33-year history the jackpot has reached the $1 billion threshold.

Players can choose between the annuitized $1 billion prize — paid out over 30 years with a 5% annual increase — or the lump sum of $453.1 million. Both options are before taxes.

"We're bringing extra excitement to Labor Day Weekend with a Powerball jackpot that's climbed to a billion dollars!" said Matt Strawn, Powerball Product Group Chair and Iowa Lottery CEO. "For just $2, every ticket is a chance to win big, while also giving back to public programs and services that benefit communities wherever Powerball is played."

Saturday's drawing will be the 39th since the jackpot was last hit in California on May 31.

Powerball tickets are sold in 45 states, Washington D.C., Puerto Rico and the U.S. Virgin Islands.

Drawings are held every Monday, Wednesday and Saturday at 10:59 p.m. ET, broadcast live from the Florida Lottery studio in Tallahassee and streamed on Powerball.com.

The odds of winning the jackpot are 1 in 292.2 million.

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