The biggest U.S. jackpot was $2.04 billion in 2022. The winner bought the ticket in California and opted for a lump-sum payment of $997.6 million.
The odds of winning Monday's jackpot, which is the fourth-largest in Powerball history, are 1 in 292.2 million, according to Powerball.
The winner can opt for a lump-sum payment estimated at $735.3 million or an annuitized prize estimated at $1.6 billion. Both prize options are before taxes.
The annuity option offers one immediate payment followed by 29 annual payments that increase by 5% each year, Powerball said.
Powerball is available in 45 states, Washington, D.C., Puerto Rico and the U.S. Virgin Islands. It is overseen by the Multi-State Lottery Association, a nonprofit group made up of state lotteries. Profits from ticket sales are used by states to support public education and other services.