Will anyone be treated to a billion-dollar early Christmas gift? The winning numbers for the Powerball jackpot worth an estimated $1.6 billion will be drawn on Monday. The drawing takes place at 10:59 p.m. ET and can be streamed live on Powerball.com. This will be the record-extending 46th dr awing since the last Powerball jackpot winner. The previous record for the most drawings in a single jackpot cycle was 42. The historic run has seen the jackpot soar to $1.6 billion, the fourth-largest in Powerball history and the fifth-largest ever among U.S. lottery games. It’s just the seventh Powerball jackpot to reach the $1 billion mark and the second to do so this year. The most recent jackpot win on Sept. 6 saw tickets in Missouri and Texas share a $1.787 billion grand prize, the second-largest in Powerball history. The odds of hitting the jackpot are a minuscule 1 in 292.2 million. If a ticket matches all five white balls plus the red Powerball drawn on Monday, the winner would be faced with two options. They could either claim the estimated $1.6 billion grand prize which is paid out through an annuity, with annual payments over 30 years. Or they could receive a one-time, lump-sum payment of an estimated $735.3 million. But, regardless of which option a winner chooses, they wouldn’t take home the full prize amount. That’s because the winnings are subject to federal taxes and, in most jurisdictions, state taxes as well. Powerball is played in 45 states, Washington, D.C., Puerto Rico and the U.S. Virgin Islands. There are three drawings per week — Mondays, Wednesdays and Saturdays — and tickets cost $2 each. Adding the Power Play option, which can multiply winnings by two, three, four, five or 10 times, to a ticket costs an extra $1. The largest Powerball jackpot ever awarded was in 2022 when a ticket in California won a $2.04 billion grand prize. This story uses functionality that may not work in our app. Click here to open the story in your web browser. ...read more read less