The Powerball jackpot has soared to an estimated $1.8 billion ahead of Saturday night's drawing.

It's the second-largest prize in U.S. lottery history, only behind the record $2.04 billion winnings from November 2022, Powerball said on Friday. However, that windfall could shrink significantly after taxes .

There are two pretax options if you win: a lump sum, or one immediate payout followed by 29 yearly payments that increase by 5% annually. The lump sum is estimated at $826.4 million, while the annuity is worth an estimated $1.80 billion.

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