The Powerball jackpot has climbed to an estimated $700 million, marking one of the largest prizes in the lottery’s history, after no winner emerged from Wednesday night’s drawing.
The six numbers drawn — 31, 59, 62, 65, 68, and the red Powerball 5 — failed to match any ticket, pushing the prize past its previous $643 million high, the largest of 2025 so far.
The Multi-State Lottery Association reported a 40% increase in ticket sales compared to last year at this time.
“As the jackpot increases, we expect ticket sales to increase,” the association said, per CNN. The next drawing is scheduled for 10:59 p.m. Saturday.
Winners can opt for the $700 million paid over 30 annual installments or a lump sum of $316.3 million. After a mandatory 24% federal withholding, the cash option drops to $240.4 million, with potential federal marginal tax rates as high as 37% reducing it further to $199.3 million.
Annual payments of about $23.3 million would shrink to $14.7 million under the same tax rate. State taxes may also apply, though Texas, Florida, and California do not tax lottery winnings, unlike New York, which levies a 10.9% rate, according to Forbes.
The odds of winning remain steep at 1 in 292.2 million, slightly worse than Mega Millions’ 1-in-290.4 million odds, which were adjusted earlier this year to improve chances.
The largest U.S. jackpot on record, $2.04 billion, was won in California in November 2022.
The current $700 million prize tops the year’s previous high of $526.5 million, won in California in March, and outpaces Mega Millions’ $349 million jackpot, claimed in Illinois the same month.
Meanwhile, a $1 million Powerball ticket, purchased July 12 at a Fort Worth 7-Eleven on White Settlement Road, was claimed by an anonymous Granbury resident under the name Lucky Dollar Trust. The ticket matched five white ball numbers (8, 16, 24, 33, 54) but missed the red Powerball (18).
A Frisco resident, who chose to remain anonymous, won a $2 million Powerball prize on July 9 by matching the five white Powerball numbers and choosing a $1 Power Play option.
Other North Texas residents have found lottery success this summer playing Texas Lottery scratch ticket games. Residents of Wylie, McKinney, Granbury, Arlington, Grand Prairie, and Frisco have won scratch ticket prizes ranging from $1 million to $5 million.