Powerball: $416 million jackpot up for grabs Monday

The Powerball jackpot has grown to an estimated $416 million ahead of Monday night’s drawing.

It’s the game’s second-largest jackpot of the year, still firmly behind the $731.1 million won in Maryland this May. The new batch of winning numbers will be drawn Monday night at 11 ET from Atlanta.

A winner will have to match numbers on the five white balls (1-69) and the red Powerball (1-26). This feat comes with lofty odds, with only a 1 in 292.2 million chance at success.

Even so, you can still become a millionaire by matching the numbers on fewer balls. Matching numbers on five white balls alone will net you $1 million.

Matching the Powerball with four white balls is worth $50,000.

George Hollins buys a Powerball ticket at the Shell Gateway store on March 26, 2019, in Boynton Beach, Florida. (Photo by Joe Raedle/Getty Images)

If you do beat the odds and win the jackpot, sign the ticket and return it to your state’s nearest lottery office. There, you have a decision to make: cash or annuity.

The cash option will give the winner a one-time lump sum payment equal to the value of the prize pool. In Monday’s drawing, that equals an estimated $301.9 million.

An annuity will give the winner 30 smaller payments over 29 years. Each payment is 5% larger than the previous and will equal the value of the jackpot by the time it is paid out.

No matter which route the winner goes, Uncle Sam will have his share. Taxes are applicable to either payout.

Until a jackpot-winning ticket is sold, the grand prize will increase in value. But once a ticket matches all six numbers, the prize pool will reset at $20 million ahead of the next drawing.

The prize does not have to be claimed before the jackpot resets.

Powerball drawings take place every Monday, Wednesday and Saturday. Mega Millions, whose jackpot has reached $383 million, draws new numbers every Tuesday and Friday night.