US Powerball jackpot climbs to $925 million

ISTANBUL

The Powerball jackpot in the US has climbed to $925 million, up for grabs on Saturday.

The prize increased from approximately $850 million after there was no winner on Wednesday night's drawing.

However, four tickets sold in the states of California, Kansas, Maryland and New York matched all the five white balls, except the sixth red ball, as they won $1 million apiece, according to Powerball.

"If a player wins the jackpot on Saturday night, they will have the choice between an annuitized prize worth an estimated $925 million or a lump sum payment estimated at $432.4 million. Both prize options are before taxes," it said Thursday in a statement.

"If the winner selects the annuity option, they will receive one immediate payment followed by 29 annual payments that increase by 5% each year," it added.

The winner also has to deal with taxes under various options and based on various state laws.

While the annuitized option would be taxed based on that year's current rates, there are also state taxes, ranging from 0% to over 10%, depending on the state and whether it taxes lottery winnings or not.

Hitting all six numbers in a single ticket for the Powerball jackpot has the probability of 1 in 292 million, while tickets cost $2 per play.

The Powerball jackpot of $1.08 billion was won on July 19 with a ticket in California. Since then, there have been 30 consecutive drawings without a grand prize winner.

The biggest Powerball jackpot was $2.04 billion on Nov. 7, 2022, won by a ticket sold in California.