Powerball jackpot surges to $526 million, first to exceed $500M in 2026

Published Jul 16, 09:15 AM UTC

The Powerball jackpot has surged to $526 million after no ticket matched all six numbers in the July 15 drawing. This is the third lottery prize to exceed $500 million in 2026 and the first Powerball jackpot to reach that threshold this year. The winner can choose between 30 annual installments totaling $526 million or a one-time cash payout of $233.5 million. After mandatory 24% federal withholding and potential marginal rates up to 37%, the cash prize could shrink to approximately $147.1 million. State taxes may further reduce the amount, depending on the winner's residence. The next drawing is scheduled for Saturday, while the Mega Millions jackpot has grown to $672 million. The odds of winning the Powerball jackpot are 1 in 292.2 million.