Powerball hits $1.6 billion, one of the largest US lottery prizes ever

The US Powerball jackpot has climbed to an estimated $1.6 billion ahead of Monday night's drawing, cementing its place among the largest lottery prizes in American history.

The jackpot swelled after Saturday's drawing produced no winners, allowing the payout to climb.

The next drawing was set for 10:59 p.m. ET on Monday (0359 GMT on Tuesday), with the odds of winning the jackpot 1 in 292.2 million.

Players may choose between an annuitized payout of $1.6 billion over 29 years or a lump-sum cash option of about $735.3 million before taxes, according to the lottery website.

The jackpot is the fourth-largest in Powerball history and the fifth-largest among U.S. lottery jackpots.

Several secondary prizes of $1 million were claimed in the most recent drawing.

The largest Powerball jackpot ever was $2.04 billion, won in California in 2022, representing the largest U.S. lottery prize on record.

Large jackpots tend to bolster ticket sales, boosting revenue for state lottery funds that support education and other public spending.