Powerball jackpot August 17: The advertised $35 million prize is based on the annuity option, which is paid in annual installments over 30 years. Winners can instead choose a lump-sum cash option estimated at $15.2 million, before federal and applicable state taxes. According to Powerball, the odds of hitting the jackpot are about 1 in 292.2 million. Even with those extremely low odds, the chance to win a life-changing fortune continues to draw millions of players.