Drawings & Prizes
When are the drawings?
The Powerball live drawings take place at 10:59 p.m. Eastern Time on Wednesday and Saturday evenings.
Prize Money Allocation
For each Powerball draw, 50% of the sales for the draw is allowed as prize money. The First Prize is allocated 68% of this amount. The remaining prize monies are then used to pay out the additional eight prize levels.
How is the Jackpot Prize Determined and Paid?
For the starting jackpot we guarantee a prize amount that included annuity interest (the money it will earn over the prize payment period). Subsequent jackpot amounts are based upon expected sales plus the First Prize money carried over from the previous draw until the jackpot is won.
There are two Powerball Jackpot Prize Payment Options.
Jackpot prizes shall be paid as an annuity or cash payment, at the election of a player. The decision is to be made no later than sixty (60) days after the player claims the prize. If the payment election is not made by a player within sixty (60) days after the player claims the prize, then the prize shall be paid as an annuity prize. All annuitized prizes shall be paid annually in thirty (30) payments with the initial payment being made in cash, to be followed by twenty-nine (29) payments. All annuitized prizes shall be paid annually in thirty (30) graduated payments increasing each year.