From ABC News: The dream of becoming America’s next billionaire is up for grabs this Saturday night as the Powerball jackpot climbed to $1 billion, sending ticket sales soaring across the nation ahead of the Labor Day weekend drawing.
Game officials increased the jackpot estimate Friday morning from $950 million after reviewing national ticket sales, Powerball said. The winner could opt for a cash payment of $453.1 million before taxes.
“We’re bringing extra excitement to Labor Day Weekend with a Powerball jackpot that’s climbed to a billion dollars!” Powerball Product Group Chair and Iowa Lottery CEO Matt Strawn said in a press release.
The game hasn’t seen a jackpot winner since May 31, when a California player claimed a $204.5 million prize. During this 39-drawing streak, the game has created 62 million-dollar winners and 608 tickets worth $50,000 or more.
Powerball tickets are available for purchase in 45 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands, and cost $2 each.
The report explains that the odds of winning the jackpot are 1 in 292.2 million, and winners may choose between a lump sum or annual payments.
However, winning the lottery isn’t all it’s “cracked up” to be. According to an article by the American Bankruptcy Institute, people who win the lottery often end up making poor choices with the money and losing it all.
Below are some key excerpts:
A lot of lottery winners become estranged from their family and friends. They can end up with depression and anxiety, along with alcohol, drug, or gambling problems. Often, what causes these issues is the pressure they feel from others who want to “borrow” from them, or who think they should be given money because they’re related or have known the person for a long time. Lottery winners can be bombarded with requests for help and money, and sometimes they are too generous with their gifts. They also become targets for scammers and thieves.
Additionally, people who win the lottery may change the way they do things. They might start buying expensive clothing, or taking long trips. They could buy a bigger house and a nicer car, or choose flashy jewelry and expensive meals.
There are many lottery winners who have ended up broke, sometimes not very long after they got their winnings. Usually, it only takes a few short years for them to spend all of the money they received when they won, and then they’re right back where they started. Many of them are even worse off, because they quit their jobs and ended up in massive debt, in addition to spending everything they received.
The Powerball jackpot has hit an estimated $1 billion ahead of Saturday night’s drawing, marking the sixth time the grand prize has reached the billion-dollar mark in the game’s history. https://t.co/qpBIy2Q7GP pic.twitter.com/wO2KW4Mmqj
— ABC News (@ABC) August 29, 2025
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