The Powerball jackpot for Saturday's drawing has reached an estimated $1 billion, according to lottery officials.

The jackpot was raised from an estimated $950 million after a review of ticket sales. The jackpot has an estimated cash value of $453.1 million.

This marks the sixth time a Powerball jackpot has reached the billion-dollar level since the game began 33 years ago.

"We’re bringing extra excitement to Labor Day Weekend with a Powerball jackpot that’s climbed to a billion dollars,” Matt Strawn, Powerball Product Group Chair and Iowa Lottery CEO, said in a statement.

If a player wins, they can choose between the annuitized prize or the lump sum payment. Both options are before taxes. The annuity option includes immediate payment, followed by 29 annual payments that increase by 5%

See Full Page