Powerball Jackpot Reaches $1.1 Billion, Among the Largest Ever

The Powerball jackpot has risen to $1.1 billion for the Labor Day draw, making it the largest lottery prize this year and the fifth-largest in Powerball history. A winner could receive about $498.4 million as a lump sum before taxes, but after federal and state taxes, the take-home amount could be significantly lower, around $313.9 million. The odds of winning are 1 in 292.2 million, and the next Powerball drawing is scheduled for Monday night, with Mega Millions also drawing for a $302 million jackpot on Tuesday.