Powerball Jackpot Climbs To $700 Million
No ticket matched all six winning numbers in the latest draw, which took place on Wednesday, 20 August 2025, resulting in the US Powerball jackpot climbing to reach a historic $700 million in time for Saturday night. The Powerball numbers that were drawn were 31, 59, 62, 65, and 68 and the red Powerball 5. The draw Power Play was 2x.
Winner Options For The Prize
Should a winner emerge, they can claim the jackpot as either a one-time cash payout or through 30 annual instalments. The cash option is valued at $316.3 million. This is the popular choice among players compared with the full prize stretched over three decades.
If a winner selects the lump sum, federal taxes will immediately reduce the prize. A mandatory 24% federal withholding slashes the payout from $316.3 million to $240.4 million. However, the Internal Revenue Service applies higher tax brackets. Winners may face a marginal tax rate of up to 37%. This reduces the final take-home amount to $199.3 million.
After taxes, the final take-home amount reduces to $199.3 million
Instalment Route And Taxes
The annuity option spreads the jackpot across 30 yearly payments of roughly $23.3 million. A maximum federal tax rate of 37% reduces annual payments to about $14.7 million before state taxes.
State taxes vary sharply across the United States. Some states, such as New York, tax lottery winnings at nearly 11%. Others, including Florida, Texas and California, levy no state tax on such prizes. This geographic difference can significantly change a winner’s final payout.
Big Winners This Week
Although the jackpot went unclaimed, several players won large secondary prizes. Tickets sold in Tennessee, Michigan, and Oklahoma matched all five white balls, earning $1 million each. The Tennessee ticket included the Power Play, doubling the prize to $2 million.
What’s Ahead
The next Powerball draw is scheduled for Saturday, 23 August at 10.59 pm Eastern Time. This draw will feature the $700 million jackpot, ranked as the 19th largest lottery prize in United States history. The last Powerball jackpot was won on 31 May by a California player who claimed $204.5 million.
The Mega Millions lottery also remains significant. Its upcoming Friday draw carries a jackpot of $234 million, further attracting lottery interest this week.
Historical Context
The rising jackpot is the biggest prize offered this year, overtaking March’s $526.5 million Powerball win in California. In comparison, the largest Mega Millions prize this year reached $349 million, won in Illinois in March.
Last year’s largest prize was also a Powerball jackpot. A player in Oregon won $1.326 billion in April 2024, placing it among the biggest wins recorded globally.
Record Powerball Jackpots
United States lottery history features several record jackpots. The largest was the $2.04 billion Powerball win in California on 7 November 2022. Other notable prizes include the $1.765 billion won in October 2023 in California and the landmark $1.586 billion shared in 2016 by winners in California, Florida and Tennessee.
Recent Powerball history also features major wins, including $842.4 million in Michigan on New Year’s Day 2024 and $768.4 million won in Wisconsin in 2019.
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Event In Illinois
The jackpot has prompted promotional events. The Illinois Lottery is offering a Powerball Ticket Grab Challenge in Rockford on Friday, 22 August. The event will take place at Valli Produce on East State Street from 11.00 am to 1.00 pm. Participants will step into a ticket grab machine and collect as many free Powerball slips as possible. A total of 700 tickets will be available.
Illinois Lottery will have a “Ticket Grab Machine” at the Valli Produce location in Rockford
Community Benefit From Lottery Sales
The Illinois Lottery emphasised the social impact of ticket sales. Around 40 cents of every dollar supports local education and other public programs. Since 1985, over $25 billion has supported Illinois schools and community services.
Odds Of Winning
Lottery odds of winning the Powerball jackpot are quite high at 1 in 292.2 million. The probability of winning Mega Millions is a little bit less because it is 1 in 290.4 million. These statistics show how hard it is to win the major prizes in relation to daily opportunities.
