A whopping $1.8 billion jackpot is up for grabs Saturday, and time is running out for players interested in the long-shot odds of winning the second-largest lottery jackpot in American history. The Powerball drawing will start on Saturday, Sept. 6, at 10:59 p.m. ET and ticket sales stop before then.

For people who can afford a ticket (or two, or more), it's a thrilling chance at life-changing money.

"Two dollars is a low price to pay to dream about being a billionaire – that's true," said Victor Matheson, an economics professor at College of the Holy Cross who has studied the lottery and other forms of gambling for decades. "But as an investment, it's terrible."

People across the country will try their luck Saturday, but the chances of winning are astonishingly low − about 1 in 292 million, the lottery association said. By comparison, about 342 million live in the United States, according to the Census Bureau.

Here's what to know ahead of Saturday's drawing and who could win − or not.

How to play the Powerball

Tickets are sold for at least $2 at convenience stores, gas stations and grocery stores, among other locations, in 45 states, Puerto Rico, Washington, DC, and the U.S. Virgin Islands. Some states sell Powerball tickets online, too.

To play, players have to choose six numbers among five white balls and one red Powerball. The white balls have to be from 1 to 69, and the red ball is from 1 to 26. All five white balls, in any order, and the red Powerball must match the winning numbers. If no one matches, drawings continue.

If a player wins, they can choose between an annuity option, of the current estimated amount of $1.8 billion, of one immediate payment with 29 yearly payments that increase by 5% annually. Or people can get a current lump sum of $826.4 million.

Most winners have taken the lump sum payout.

You don't have to win the jackpot to get a big prize, as lesser prizes can be worth $1 million or more.

Is it too late to buy a ticket? When Powerball ticket sales stop by state.

The deadline to buy a Powerball ticket varies by state. Most sales close one to two hours before the drawing begins at 10:59 p.m. ET.

Most people on the East Coast have until the late evening to buy a ticket, with cutoffs usually around 10 p.m. local time. People on the West Coast should plan on buying earlier in the evening, with cutoffs as early as 6:45 p.m. local time.

Here's the full list of Powerball ticket purchase cutoff times.

- Jonathan Limehouse, USA TODAY

Should I play the Powerball?

It depends.

Will it be a lighthearted purchase so you can be a part of a national event, or is it a desperate attempt to recoup lost money? Will buying a lottery ticket eat up a noticeable portion of your income? Do you have an emergency fund? Experts say these questions are essential in determining whether you have a healthy view of the lottery.

The lottery, including the Powerball, should be seen as an entertainment product – not an investment, experts say. That's because your estimated chances of winning the jackpot are about 1 in 292 million. It can also worsen your mental health, especially if you're spending money you can't afford to lose.

If you or someone you know is struggling with gambling, call or text 1-800-GAMBLER, operated by the National Council on Problem Gambling.

How much money would the Powerball winner take home?

The Powerball winner has to pay a high federal tax plus possible state and local taxes, depending on where they live.

In the lump sum, winners will automatically pay the IRS a 24% off-the-top federal tax withholding.

The total lump sum is also subject to a federal marginal tax rate of up to 37%.

States may tax lottery winnings, such as an 8.82% in New York or a 2.9% in North Dakota. Some cities also tax the winnings.

How much do Americans spend on the Powerball?

The average American spends $320 a year on lottery tickets, according to a Sept. 2 analysis from the personal finance site LendingTree.

Massachusetts residents spend the most, a whopping $915 per person. North Dakotans spend the least: a measly $50. The data comes from 2023, the most recent figures available, and covers 45 states with lotteries.

Americans spent $103 billion on lottery tickets in 2023 for a payout of $69 billion.

Would winning the $1.8 billion jackpot be a dream come true?

Recent history is full of examples of people who won big jackpots only to see their lives take nightmarish turns.

Some lottery winners prove that money doesn't always buy happiness. Some have lost fortunes due to family drama and trauma, seen their homes go up in flames or watched their money disappear due to too much partying and lavish spending. Some were plagued by bad investments and unscrupulous advisors.

The good news: Those stories are outliers. Studies have shown that winning the lottery can bring a measure of happiness that often correlates with levels of satisfaction that also come with financial stability.

Here's a look at how some people have fared after becoming instant millionaires.

- Phaedra Trethan, USA TODAY

Who plays the Powerball?

Americans from all backgrounds put up hard-earned money for a chance to win the Powerball – especially when jackpots hit eye-popping figures – but gambling most negatively impacts low-income households, experts told USA TODAY.

"There's no group that really doesn't play the lottery, but they play at different rates," said David Just, a Cornell University economics professor.

Across socio-economic lines, both the rich and the poor participate in the lottery but lower-income groups play at higher rates than wealthier individuals – and they spend higher percentages of their income on lottery games, research shows.

Federal sales data indicates the lottery is most popular in the Northeast, including in Massachusetts and Rhode Island. The lottery also sees higher rates of play during times of economic turmoil, such as the COVID-19 pandemic, fitting other known gambling trends that correlate financial blows to increased risk taking.

Read more on the demographics of the Powerball.

What are the odds of winning the Powerball jackpot?

Given the 1-in-292.2 million odds, you’re more likely to be struck by lightning, killed by a shark or dying by a meteorite or asteroid than winning the jackpot.

What are the top lottery jackpots in history?

A winner of the latest Powerball could secure the second-largest lottery jackpot ever.

Of the top 10 lottery jackpots in American history, five were won on Powerball tickets while the other five were for Mega Millions drawings. Eight of the top ten drawings happened this decade. The two others took place in 2016 and 2018.

The biggest lottery jackpot ever won was a massive $2.04 billion prize in a drawing on Nov. 7, 2022. The winner, Edwin Castro of California, purchased his ticket from Joe's Service Center in Altadena, California, near Los Angeles. With his lump sum of $997.6 million in winnings before taxes, Castro went on to purchase a $25.5 million home in Hollywood Hills.

Here's a look at the top ten biggest lottery jackpots and where they were won in the U.S.:

  1. $2.04 billion - Powerball - Nov. 7, 2022; Ticket sold in Altadena, California
  2. $1.80 billion - Powerball; Ticket sold in TBD
  3. $1.765 billion - Powerball - Oct. 11, 2023; Ticket sold in Frazier Park, California
  4. $1.602 billion - Mega Millions - Aug. 8, 2023; Ticket sold in Neptune Beach, Florida
  5. $1.6 billion - Powerball - Jan. 13, 2016; Tickets sold in Chino Hills, California; Munford, Tennessee; and Melbourne Beach, Florida
  6. $1.537 billion - Mega Millions - Oct. 23, 2018; Ticket sold in Simpsonville, South Carolina
  7. $1.350 billion - Mega Millions - Jan. 13, 2023; Ticket sold in Lebanon, Maine
  8. $1.337 billion - Mega Millions - Jul. 29, 2022; Ticket sold in Des Plaines, Illinois
  9. $1.326 billion - Powerball - Apr. 7, 2024; Ticket sold in Portland, Oregon
  10. $1.269 billion - Mega Millions - Dec. 27, 2024; Ticket sold in Cottonwood, California

Read more on the largest jackpots in history and their winners here.

Contributing: N'dea Yancey-Bragg and Sara Chernikoff, USA TODAY

This article originally appeared on USA TODAY: Saturday's huge Powerball drawing is approaching. Updates on everything to know.

Reporting by Eduardo Cuevas, Christopher Cann, Daniel de Visé, Fernando Cervantes Jr. and Melina Khan, USA TODAY / USA TODAY

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