The Powerball jackpot prize has reached a whopping $1.2 billion after there was no winner in the last drawing.
No player managed to match the five numbers and the Powerball drawn Monday night.
This means that the lottery jackpot has increased ahead of Wednesday evening’s draw and will reach its highest amount in 2023.
If a player wins the $1.2 billion prize, it would be the third-largest Powerball jackpot ever.
The winner would have the choice of how they would like to receive their prize – either in installments or as a lump sum.
The individual take home amount is $551.7 million and the odds of players winning the top prize are one in 292.2 million.
The amount is reduced even further if a federal tax of 24 percent is deducted from the sum.
Powerball winners could face a high income tax of up to 37 percent, according to Forbes.
State officials may also collect taxes on the Powerball player’s winnings.
In Texas there is no state tax on lottery winnings, but in New York the tax rate is 10.9 percent.
Alternatively, the winner may elect to receive the prize in installments over a period of 30 years.
Financial experts say taking the lump sum could be a good investment, while the annuity option means the winner will receive payouts over a longer period of time.
In Powerball, players have a one in 24.9 chance of winning a prize.
But the chance of winning the jackpot is one in 292.2 million.
On Monday night, two tickets sold in New York and North Carolina matched five numbers, but the Powerball proved elusive.
Ticket holders added the Power Play option, doubling their prize to $2 million.
Tickets are sold in 45 states, Washington DC, Puerto Rico and the U.S. Virgin Islands.
Playing the Powerball only costs $2, but players can spend an additional dollar on a cash boost option known as the Power Play.
This applies to non-jackpot prizes and can multiply prizes by up to ten times.