The Powerball jackpot has soared to a staggering $1.3 billion after Monday's drawing yielded no winner. This marks the fifth-largest Powerball jackpot ever, with a cash value of $589 million. The odds of winning are 1 in 292.2 million, but the overall odds of winning any prize are better, at 1 in 24.9. Winners can choose between an annuity or a lump sum, but federal and state taxes significantly impact the final payout. States without lottery taxes offer the highest post-tax winnings. The next drawing is Wednesday night.

Prepared by Christopher Adams and reviewed by editorial team.