Most winners choose the lump sum payout over a 29-year annuity, but hefty taxes and inflation steadily eat away at prize money.

The Powerball jackpot rose to a $1.1 billion jackpot after no tickets matched all six numbers in Saturday's drawing. The next drawing is set for Labor Day.

The Powerball jackpot climbed to a new high of an estimated $1.3 billion for Wednesday night's drawing, after no winner came forward on Labor Day.

Most winners choose the lump sum payout over a 29-year annuity, but hefty taxes and inflation steadily eat away at prize money.

The jackpot prize for Wednesday night's Powerball draw is the sixth-largest U.S. lottery jackpot of all time.

Wednesday night's Powerball drawing has an estimated jackpot of $1.4 billion, but the actual amount a winner collects depends on factors including state taxes.

The Powerball jackpot has risen to $1.7 billion after no one matched all five numbers and the red ball on Wednesday.

The odds of winning the Powerball jackpot are one in 292.2 million, according to official lottery data.

The jackpot has soared to $1.7 billion after 42 straight drawings without a winner.

The Powerball jackpot soared to an estimated $1.8 billion on Friday. Here's what the winner can expect to pay in taxes.