The Powerball jackpot has soared to an estimated $1.5 billion for the next drawing on Saturday, Dec. 20, after no one matched the winning numbers in Wednesday’s, Dec. 17, drawing.
The cash value of the prize is approximately $686.5 million, making it the fifth largest Powerball jackpot in history, according to the official Powerball website.
Powerball drawings are held at 10:59 p.m. Eastern time every Monday, Wednesday, and Saturday. Lottery officials said ticket sales in Michigan close at 9:45 pm on the night of the draw, both in store and online.
This is the second Powerball jackpot to surpass $1 billion in 2025. The largest prize this year, $1.79 billion, was claimed Sept. 6 by winners in Missouri and Texas.
The largest Powerball jackpot ever, worth $2.04 billion, was won Nov. 7, 2022, in California.
“Jackpots of this magnitude are rare and tend to generate a significant surge in ticket sales nationwide,” said Jane Thompson, a gaming analyst with Lottery Insights, a research organization based in Washington, DC.
“Players are often motivated by the historic value, and media coverage amplifies interest across multiple states.”
Experts note that large jackpots like this often influence both short term consumer behavior and long term lottery revenue.
According to Thompson, “Mega jackpots can drive record ticket sales in the days leading up to a drawing, sometimes doubling or tripling typical sales volume.
The odds of winning remain extremely low, but the public fascination with these prizes is substantial.”
Economists also point out that the cash value option is generally chosen over the lump sum annuity by most winners, due to tax considerations and immediate liquidity needs.
“Choosing a lump sum allows winners to invest or distribute funds more flexibly, but the trade off is receiving significantly less than the advertised jackpot amount,” said Daniel Rivera, a financial advisor in Miami.
The current $1.5 billion jackpot ranks fifth among all Powerball prizes. The largest jackpots on record include $2.04 billion in 2022, $1.86 billion in 2021, and $1.59 billion in 2016.
Historically, only a handful of Powerball drawings have crossed the $1 billion mark, underscoring the rarity of this event. Across the country, excitement around the massive jackpot is palpable.
In Detroit, Michigan, local store clerk Sarah Jenkins said, “People have been coming in all day asking about the jackpot. Some buy just one ticket, some buy dozens. You can feel the energy in the air.”
Similarly, in Orlando, Florida, retiree Michael Thompson said, “I usually only play small amounts, but a $1.5 billion jackpot is hard to ignore. Even if the odds are tiny, it’s fun to imagine winning.”
Lottery officials reported an increase in online sales in multiple states following Wednesday’s draw, with many transactions occurring in the final hours before the cutoff time.
The next Powerball drawing on Saturday is expected to draw massive participation nationwide.
Officials urge players to buy tickets before the official cutoff time, noting that late entries cannot be processed.
Analysts say the jackpot may continue to rise if no ticket matches all five numbers plus the Powerball, potentially setting the stage for a historic payout.
“Each time a jackpot grows this large, it captures national attention and sparks conversations about probability, wealth, and opportunity,” said Thompson. “It’s a phenomenon that combines human hope with the structure of chance.”
As the $1.5 billion Powerball jackpot approaches the Saturday drawing, millions of Americans will weigh the slim odds against the allure of a life changing prize.
While the chances of winning remain infinitesimal, the sheer size of the jackpot ensures widespread public attention and record setting ticket sales, reinforcing the ongoing fascination with one of the country’s most popular lotteries.
