An estimated $1.04 billion Powerball jackpot will be up for grabs Monday night, tempting players to spend a couple dollars on a longshot chance at instant riches. The prize is the world's ninth-largest lottery prize behind earlier drawings of Powerball and Mega Millions, the other nearly nationwide lottery game. The jackpot is the fourth-largest in the history of Powerball.

The prize has grown so massive because there have been 32 consecutive drawings since someone matched all five white balls and the Powerball to win the jackpot, dating back to July 19. That losing streak reflects the stunningly long odds of winning the jackpot, at 1 in 292.2 million. The $1.04 billion jackpot is for a sole winner who chooses to receive the winnings through an annuity, paid annually over 30 years. Winners nearly always pick the cash option, which for Monday night's drawing would be an estimated $478.2 million. The prize is also subject to taxes, which includes an automatic withholding tax of 24% levied against the winnings, and other 13% in federal taxes when you file your 2023 returns. There's also state taxes in some jurisdictions, which range from 2.9% to 10.9% depending on the state you live in. But if you're lucky enough to live in California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington or Wyoming, you won't pay income in your winnings.

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