When is the next Powerball drawing? What is the jackpot?

() — The Powerball lottery jackpot will rise to $1.9 billion for Monday’s drawing, according to California Lottery estimates, making it the largest lottery prize ever offered, just as its organizers intended when they changed the odds. in 2015.

There were no winning tickets for Saturday’s draw for an estimated $1.6 billion, already the largest lottery jackpot ever offered. The latest Powerball jackpot was won on August 3 in Pennsylvania.

The jackpot is the amount a winner would get if they took 30 annual installments, although a winner can also choose the cash option for a single lump sum of lesser value. For the $1.9 billion jackpot, the winner can choose between receiving 30 equal payments of around $63 million per year or receiving a single cash payment of around $929 million.

The largest Powerball jackpot ever won was recorded in January 2016 when three winners shared an advertised $1.586 billion jackpot. They each took their share of the cash value, which totaled $983.5 million.

Yes, that means the current “record” jackpot cash value of $1.9 billion is less than the $1.586 billion jackpot cash value six years ago. You can thank the recent Federal Reserve interest rate hikes for that discrepancy.

Powerball drawings take place every Monday, Wednesday and Saturday at 10:59 pm Miami time.

The Powerball costs $2 per ticket and players choose five numbers from 1 to 69 and the Powerball from numbers 1 to 26. If a player matches all six numbers, they win the jackpot.

The odds of winning the jackpot by matching all 5 numbers and the Powerball number are one in 292.2 million.

Before 2015, however, the white balls were numbered 1-59 and the Powerball was numbered 1-35. The change means that players now have better odds of winning small prizes but worse odds of winning the jackpot, which which makes it more likely that the jackpot will grow to record size.

“This Powerball game offers exactly what our players want,” Powerball Products Group President Drew Svitko said in a statement ahead of Saturday’s drawing. “We are witnessing history unfold with this $1.6 billion jackpot! What’s also exciting is that this race has already created millions of winners, including nearly 100 players who have won prizes worth $1 million or more.”

‘s Chris Isidore contributed to this report.