On October 4, 2023, the Powerball jackpot will be really huge, at $1.2 billion. It's the third-largest Powerball jackpot ever.

The grand prize, which has an estimated cash value of $551.7 million, continued its ascent through billion dollar territory.

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It's now the third-largest purse in the American lottery game's history and the biggest so far this year.

Jackpot winners can either take the money as an immediate cash lump sum or in 30 annual payments over 29 years.

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Powerball drawings are held three times a week, every Monday, Wednesday and Saturday at 10:59 p.m. ET.

Powerball tickets cost $2 and are sold in 45 U.S. states as well as Washington, D.C., Puerto Rico and the U.S. Virgin Islands.

Powerball drawings are broadcast live every Monday, Wednesday and Saturday at 10:59 p.m. ET from the Florida

The jackpot was previously won on July 19, when a ticket purchased in California matched all five white balls and the red Powerball to claim $1.08 billion.