Powerball Jackpot Hits $793 Million After Halloween Drawing

The Powerball jackpot reached $793 million following the drawing held on Saturday, October 31. No player matched all six numbers during the Halloween night event. The next drawing is scheduled for Monday, November 2, at 10:59 p.m. Eastern Time.

Winners of the top prize will choose between two payment structures. They can accept an annuity paid out over 29 years or take a single cash payment. The advertised $793 million figure represents the total value of the annuity option. This amount is distributed through 30 payments that increase in value over time.

The single cash option for the November 2 drawing is estimated at $339.9 million. This figure reflects the money available to fund the prize before federal tax withholdings are applied. The difference between the advertised jackpot and the cash option exceeds $453 million. The gap exists because the annuity includes future payments that are not part of the immediate cash sum.

The IRS withholds 24% on lottery winnings that exceed specific thresholds. Applying this rate to the $339.9 million cash option results in an initial withholding of approximately $81.6 million. This calculation leaves the winner with roughly $258.3 million after the initial federal deduction. This amount is not the final take-home figure. The winner may owe additional taxes or receive a refund when filing their return, depending on their total income and tax situation.

State taxes also affect the final payout. Some states tax lottery winnings, while others do not. The location where the ticket was purchased determines the state tax obligation. Two winners with identical tickets could receive different final amounts if they live in different states. The IRS requires winners to report lottery gains as taxable income.

The odds of winning the Powerball jackpot are 1 in 292,201,338. Each ticket costs $2. Players must select five numbers from a pool of 1 to 69 and one red Powerball number from 1 to 26. They can pick their own numbers or use a random selection generated by the terminal. Both methods carry the same mathematical probability of winning.

The game offers smaller prizes for matching fewer numbers. The overall probability of winning any prize is approximately 1 in 24.9. Buying more tickets increases the number of combinations played but does not change the random nature of the draw. There is no guarantee of recovering the cost of the tickets.

The winning numbers from the October 31 drawing were 2, 4, 18, 50, and 56, with the red Powerball at 20. The Florida Lottery in Tallahassee will host the Monday drawing. Powerball drawings take place regularly on Mondays, Wednesdays, and Saturdays. The standard ticket price remains $2, though local purchase conditions may vary by jurisdiction.