Powerball Jackpot Climbs to $498 Million Ahead of Next Drawing

The Powerball jackpot has grown to $498 million after no ticket matched all six winning numbers in Monday night’s drawing, making it the third-largest lottery prize of 2026 so far. While the advertised jackpot is nearing the half-billion-dollar mark, the eventual winner would receive considerably less after choosing a payout option and accounting for federal taxes.

The winning numbers drawn on Monday were 5, 25, 36, 40, 48, with the Red Powerball number 3. If a jackpot winner is declared in the next drawing, they can choose between the full $498 million prize paid through 30 annual installments or a one-time cash option worth $221 million, which remains the choice selected by most winners.

A winner taking the lump-sum payment would first see the prize reduced to about $168 million after the mandatory 24% federal tax withholding. Depending on total taxable income, the winner could ultimately face the top federal marginal tax rate of 37%, lowering the estimated after-tax payout to approximately $139.2 million.

Those selecting the annuity option would receive annual payments of roughly $16.6 million before taxes. After applying the 37% federal marginal tax rate, each yearly payment would be reduced to about $10.45 million. State taxes may further affect the final amount, with states such as New York imposing a 10.9% tax on lottery winnings, while states including Texas, Florida and California do not tax lottery prizes.

The next Powerball drawing is scheduled for Wednesday night. Meanwhile, the Mega Millions jackpot has climbed to $637 million ahead of Tuesday’s drawing, making it the largest lottery prize currently available.

Winning the Powerball jackpot remains extremely unlikely, with odds of approximately 1 in 292.2 million. Those odds are slightly longer than Mega Millions, where players face odds of about 1 in 290.4 million.

The current $637 million Mega Millions jackpot is on pace to become the largest lottery prize awarded this year. Earlier in 2026, a ticket sold in Illinois won a $533 million Mega Millions jackpot, the only lottery prize this year to exceed $500 million. The biggest Powerball jackpot claimed so far in 2026 was a $250.8 million prize won by a player in Arkansas.