Record-breaking Powerball jackpot worth $1.3 billion up for grabs tonight

The Powerball jackpot, which had reached an estimated $1.3 billion for Tuesday evening's drawing, remains unclaimed as no winning tickets were reported. The latest winning tickets for a $1.787 billion jackpot were sold in Missouri and Texas in a previous drawing. The next Powerball drawing is scheduled for Wednesday night at 10:59 PM ET.

This rollover marks the 41st drawing since the jackpot was last won in May, and it is the ninth-largest among all US lottery jackpots. It is also almost the longest run in Powerball's three-decade history, just shy of the previous record of 42 consecutive drawings without a winner, set last year.

The Powerball jackpot has been growing due to consecutive drawings without a winner. Ticket sales have seen a significant increase for recent jackpots, with a 175.4% increase for Monday's $1.1 billion jackpot compared to the previous Monday drawing on August 25.

However, winning the Powerball jackpot remains a challenging feat, with odds of around 1 in 292 million. The number of balls used in the Powerball drawing has changed over time, which has pushed down the odds of winning the jackpot.

In the event of a win, the Powerball jackpot winner will face a significant tax liability. The tax liability for a Powerball jackpot winner could reach hundreds of millions of dollars, depending on their state of residence and the method of their winnings. Winners can choose between receiving their winnings in annual installments, which would see the winnings grow in size over time, or a lump-sum cash payment, estimated at $589 million for Wednesday night's drawing.

The Powerball jackpot is the fifth-biggest in the lottery's history. Tickets for the Powerball can be purchased in 45 states, the District of Columbia, Puerto Rico, and the US Virgin Islands.

As the excitement builds for Wednesday night's drawing, the chances of a tie, when two or more people select the same winning numbers, increase as more tickets are sold. Powerball fever is certainly in the air, and one lucky winner could soon be claiming the $1.3 billion jackpot.