Powerball climbs to $1 billion ahead of tonight's drawing

Powerball has surged to an estimated $1 billion for tonight’s drawing—the first billion-dollar Powerball jackpot since last year’s $1.8 billion win—marking the 44th straight draw in the current jackpot run and the eighth-largest in Powerball history. If won, the prize can be taken as an annuity of about $1 billion paid over 29 years (30 graduated payments) or a lump sum of roughly $433.1 million before taxes. Some states don’t tax lottery winnings, and many winners choose the lump sum. Monday’s drawing produced no grand prize winner, but a Tennessee ticket won $2 million with Power Play, and California and Maryland hit $1 million Match 5 prizes. The odds of winning the jackpot are about 1 in 292.2 million. Drawings occur Monday, Wednesday, and Saturday at 10:59 p.m. ET.