The Powerball jackpot has surged to $1 billion, creating excitement for players ahead of the Labor Day weekend drawing. This increase comes after game officials revised the jackpot estimate from $950 million on Friday morning, following a review of national ticket sales. The winner of the jackpot can choose a cash option of $453.1 million before taxes.

Matt Strawn, chair of the Powerball Product Group and CEO of the Iowa Lottery, expressed enthusiasm about the drawing, stating, "We’re bringing extra excitement to Labor Day Weekend with a Powerball jackpot that’s climbed to a billion dollars!"

The jackpot has not seen a winner since May 31, when a player in California won $204.5 million. During the current 39-drawing streak without a jackpot winner, the game has produced 62 million-dollar winners and 608 tickets that won $50,000 or more. In the most recent drawing on Wednesday, six tickets matched all five white balls—9, 12, 22, 41, and 61—along with the red Powerball 25, each winning at least $1 million.

Winners of the upcoming jackpot can select between an annuity option, which includes one immediate payment followed by 29 annual payments that increase by 5% each year, or a lump sum payment. Powerball tickets are priced at $2 each and are available in 45 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.

The odds of winning the jackpot are 1 in 292.2 million, while the overall odds of winning any prize are 1 in 24.9. Since its inception in 1992, Powerball has generated over $36 billion for various good causes supported by U.S. lotteries. More than half of the proceeds from ticket sales remain in the jurisdiction where the ticket was purchased.

This current jackpot ranks as the sixth largest in Powerball history. The record jackpot of $2.04 billion was won by a California player in November 2022. Other significant jackpots include $1.765 billion won in California in October 2023, $1.586 billion split among winners in California, Florida, and Tennessee in January 2016, $1.326 billion won in Oregon in April 2024, and $1.08 billion claimed in California in July 2023.

The drawing for the $1 billion jackpot will take place live at 10:59 p.m. ET from the Florida Lottery draw studio in Tallahassee and will be streamed on the Powerball website.