Skip to main content

Press "Enter" to search or "ESC" to close.

Won $1.04 Billion in Powerball Yesterday, but Taking the Cash Dramatically Cuts the Prize
The Powerball jackpot winner now faces a crucial decision that could dramatically change how much money they ultimately receive.
By  Daniel Navas
Share on FacebookShare on InstagramShare on TwitterShare on TikTokShare on YouTubeShare on WhatsApp
Won $1.04 Billion in Powerball Yesterday, but Taking the Cash Dramatically Cuts the Prize
FOTO: Shutterstock

Posted on08/13/26 at 10:01

A single ticket sold in Illinois won the $1.04 billion Powerball jackpot yesterday.

But its owner now faces a decision that dramatically changes how much money they can receive: accept the full prize over several decades or take $450.5 million in cash before taxes.

  • Why it matters: The jackpot exceeds $1 billion, but that figure does not mean the winner can withdraw all of the money immediately. The payment option chosen determines the value of the prize.

The $1.04 Billion Powerball Jackpot Has Two Payment Options

The ticket matched all six numbers in Wednesday’s drawing: 4, 26, 66, 67 and 69, plus the red Powerball 9, according to Fox Business, citing Powerball data.

The prize became the eighth-largest Powerball jackpot in U.S. history and ended a streak of 44 consecutive drawings without a jackpot winner.

The lucky winner must now choose between two options:

  • They can receive a $1.04 billion annuity, consisting of an initial payment followed by 29 annual payments that increase by 5% each year.
  • The alternative is to immediately accept a one-time cash payment of $450.5 million.

Powerball jackpot
Powerball Jackpot Won, but Taking the Cash Dramatically Cuts the Prize – PHOTO: Shutterstock

Taking the Cash Cuts the Prize to $450.5 Million

The difference exceeds $589 million.

This happens because the $1.04 billion figure represents the estimated value of the annuity over the entire payment period, while the $450.5 million represents the amount available to someone who chooses to receive the money immediately.

In addition, both amounts are before taxes, according to Powerball.

Therefore, even if the winner selects the $450.5 million cash option, that will not necessarily be the final amount available after meeting their tax obligations.

A Jackpot That Ended a 44-Drawing Streak

The previous Powerball jackpot was won on May 2, when two tickets sold in Florida and Texas split a $20 million prize.

The odds of winning a prize like the Illinois jackpot remain extremely low: the odds of hitting the jackpot are approximately 1 in 292.2 million.

  • What comes next: After the winning ticket was announced, Powerball will reset its jackpot to $20 million for the next drawing.