The Powerball jackpot has grown to an estimated $1 billion for Saturday night’s drawing, according to lottery officials.
The announcement came Friday afternoon after ticket sales across the country pushed the prize higher from its earlier estimate of $950 million.
The jackpot now ranks as the sixth in the game’s 33-year history to reach the billion-dollar milestone.
If won, the prize has a cash option of $453.1 million 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 held at 10:59 p.m. ET at the Florida Lottery’s studio in Tallahassee.
The drawing will be broadcast live and streamed on Powerball.com.
If a player wins, they may choose between the annuity option—one immediate payment followed by 29 annual payments that increase 5 percent each year—or the lump sum cash payout.
Both options are before taxes.
The current jackpot has been building since May 31, when a player in California won the last grand prize.
Since then, there have been 38 consecutive drawings without a jackpot winner.
Over the summer streak, 62 tickets nationwide have won at least $1 million, and 608 tickets have won $50,000 or more.
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