Powerball Jackpot Reaches 516 Million Dollars for Saturday Drawing

The Powerball jackpot reached an estimated $516 million for the Saturday, October 10, drawing, after no ticket matched all six numbers on Wednesday, October 7. According to the published jackpot estimates, the prize offered a potential $211.6 million one-time cash payment before taxes for a winner.

The estimated jackpot was available to players nationwide, with the next drawing scheduled for 10:59 p.m. Eastern Time on Saturday. USA TODAY reported that the winning numbers would be published shortly after the drawing began.

The jackpot had continued to grow for nearly two months following an August 12 drawing in which a ticket sold in Illinois won a reported $1.04 billion prize. The October 10 drawing offered another opportunity to claim the accumulated top prize.

According to the game's published rules, a standard ticket costs $2 per play. Participants select five numbers from 1 to 69 and one additional number from 1 to 26, or use a randomly generated selection.

Drawings take place every Monday, Wednesday and Saturday night. The game offers nine prize tiers, with awards ranging from $4 to the jackpot, according to the published game information.

The odds of winning the jackpot by matching all five white balls and the red Powerball are 1 in 292.2 million. Smaller prizes are available for matching fewer numbers, although the amount depends on the applicable prize tier.

Anyone who wins the October 10 jackpot would have to choose between payments distributed over time and a one-time cash payout. The estimated annuity value was $516 million, while the lump-sum option was $211.6 million before taxes.

The difference between the advertised jackpot and the cash option reflects the two available payment structures. The actual amount a winner receives would be lower after applicable taxes, with the final proceeds depending in part on the payment option selected.