$1 billion Powerball jackpot on the line in tonight's drawing. Here's what to know.

By Mark Osborne August 12, 2026 / 10:24 AM EDT / CBS News Add CBS News on Google The Powerball jackpot drawing on Wednesday has crossed the $1 billion mark. The jackpot, which reached the sum after no one won in Monday's drawing, is the eighth-largest Powerball prize of all time. This is the 15th time a $1 billion prize level has been reached in U.S. lottery history.The cash value for a lump sum payment is $433.1 million. Both the $1 billion over 30 annuity payments and the lump sum total are before taxes.This is the biggest jackpot of 2026, as well. The last winner of a billion-dollar jackpot was in December last year, when a single ticket in Arkansas won $1.82 billion, the second-largest jackpot in lotto history. Wednesday's drawing will be the 44th since a Powerball jackpot was won on M