Powerball’s jackpot did not fall in the Wednesday, August 20 draw. The winning numbers—31, 59, 62, 56, 68, and red Powerball 5—were not matched by any ticket. The jackpot has now risen to an eye-watering $700 million.
The next draw is scheduled for Saturday, August 23. The jackpot is expected to climb beyond $750 million. This prize is approaching record-setting levels but remains below the $1.59 billion won in January 2016.
Winners can choose between a 30-year annuity or a lump sum payout. The lump sum option is currently $316.3 million before taxes. After mandatory federal taxes, this amount drops to about $240.4 million. State taxes could further reduce the final prize to around $199.3 million.
Despite heavy taxation, many players remain eager to try their luck. Some prefer the lump sum to avoid complications for heirs or to invest immediately. Others distrust holding large sums over decades, as seen in past legal disputes.
Powerball plans to increase ticket prices soon, which may drive jackpots even higher in the future.
