Depending on their state of residence, the winner could face additional taxes as some, such as New York, tax lottery winnings at 10.9%, while others, such as Texas, Florida, and California, don't.

The next draw for the Powerball jackpot will happen on Saturday night. A day before that, the Mega Millions lottery will hold a draw for a $198 million jackpot prize.

The eventual winner will have to overcome astronomical odds of 1 in 292.2 million to win the Powerball jackpot. This is slightly worse than the Mega Millions jackpot, which has odds of 1-in-290.4 million. The Mega Millions used to have even worse odds than the Powerball lottery, but the competition implemented significant changes earlier this year that slightly improved the odds of winning both the jackpot and smaller prizes.

The current Powerball jackpot has now risen to become the biggest lottery prize of the year so far, eclipsing the $526.5 million prize won by a Powerball ticket buyer from California in March. The biggest Mega Millions jackpot of 2025 so far was a $349 million prize won by an Illinois resident in March. Last year's biggest lottery prize was also a Powerball jackpot -- worth $1.326 billion -- which was won by an Oregon resident.