A Massive Powerball Jackpot Continues to Grow

The Powerball jackpot has reached an estimated $748 million after no winning tickets were drawn on Saturday night, August 1, 2026, marking the largest lottery prize in recent months . The drawing produced no grand prize winner, but multiple players across the country walked away with million-dollar prizes, including a second consecutive $1 million winner in Maryland . The next drawing is scheduled for Monday night at 10:59 p.m. EDT, and lottery fever is gripping the nation as players dream of striking it rich .

However, the eye-popping $748 million advertised jackpot is not what a winner would actually receive. Between federal withholding taxes, the highest marginal tax rate, and potential state taxes, the ultimate take-home amount would be significantly less than the headline figure .

Saturday's Winning Numbers and Million-Dollar Winners

Saturday night's Powerball drawing produced the following winning numbers: 6, 17, 27, 38, 50, and the Powerball number 5 . While no ticket matched all six numbers to claim the jackpot, six players across the country won seven-figure prizes .

A ticket sold at the 7-Eleven at 8905 Rhode Island Avenue in College Park, Maryland, matched the first five numbers (6, 17, 27, 38, and 50) to win the $1 million prize . This marks the second consecutive Powerball drawing to produce a $1 million winner in Maryland, following a ticket sold at the Royal Farms in Odenton on July 29 . According to the Maryland Lottery, a total of 30,658 winning Powerball tickets were sold in the state for Saturday's drawing .

Additionally, three players in California and one in Texas also matched the five white balls to win the $1 million prize . A sixth player in Virginia purchased the Power Play option for an extra dollar, doubling their prize to $2 million . The odds of winning Powerball's second-biggest prize are approximately one in 11.6 million, according to the lottery .

Breaking Down the Tax Implications

For a winner of the $748 million jackpot, the first major decision is choosing between two payment options: the annuity or the lump sum cash option . Most winners opt for the lump sum, which for Monday's drawing is estimated to be approximately $325.1 million .

Federal Taxes

The lump sum payment immediately faces a mandatory 24% federal withholding tax, which would reduce the prize to about $247 million . However, income from the prize will almost certainly place the winner in the highest federal income tax bracket, which currently stands at 37% . After factoring in the top marginal rate, the lump sum would be reduced further to approximately $204.8 million .

Annuity Option

If a winner chooses the annuity, they would receive the full $748 million in 30 annual payments that grow by 5% each year for the next 29 years . After factoring in federal taxes, the total amount received over 30 years would be approximately $471 million . This option provides long-term financial security but requires patience, as the winner would receive payments spread over three decades .

State Taxes

In addition to federal taxes, winners must also consider state taxes, which vary significantly depending on the state in which the ticket was purchased . Some states, including Texas, California, and Alaska, do not tax lottery winnings at all . However, other states impose substantial taxes, with New York's rate reaching as high as 10.9% .

Jackpot History and What's Next

The Powerball jackpot has not been won since May 2, 2026, allowing the prize to grow steadily over several months . Since that time, Maryland players alone have won more than $6 million in prizes . The next drawing is scheduled for Monday night at 10:59 p.m. EDT, and players can watch the drawing live on Powerball's website or YouTube channel .

The odds of winning the Powerball jackpot remain astronomically low, at approximately one in 292.2 million . Players must match the numbers on all five white balls (between 1 and 69) as well as the number on the red Powerball (between 1 and 26) . Despite the long odds, the growing jackpot continues to attract players across the country, driving ticket sales and anticipation .

Claiming Prizes and Final Thoughts

Winners in Maryland have 182 days from the drawing date to claim their prizes, while other states may have different deadlines . The $748 million jackpot represents one of the largest lottery prizes in recent years, and a single winner could potentially transform their financial future overnight—though not by the full advertised amount .

As the jackpot continues to climb, lottery officials remind players to play responsibly and to keep their tickets safe . For those who dream of beating the odds, Monday night's drawing offers the next opportunity to chase the largest prize in Powerball history this year .