Powerball jackpot surges to $567 million, second-largest lottery prize of 2026

Published Jul 21, 06:31 AM UTC

The Powerball jackpot has risen to $567 million after no winning ticket was sold for the Monday night drawing, making it the second-largest lottery prize of 2026 so far, behind only the ongoing Mega Millions jackpot of $707 million. The next Powerball drawing is scheduled for Wednesday night. A winner would have the choice between receiving the full amount in 30 annual installments or a one-time cash payout of $251.8 million. After mandatory 24% federal withholding and a potential 37% federal marginal tax rate, the cash payout would shrink to approximately $158.6 million. State taxes may further reduce the prize, depending on the winner's residence, with states like New York taxing winnings at 10.9% while Texas, Florida, and California impose no state tax on lottery winnings. The odds of winning the Powerball jackpot are 1 in 292.2 million.