ThePowerball drawing that will start on Saturday, Sept. 6, at 10:59 p.m. ETwill be for a massive$1.8 billion jackpot, making it thesecond-largest lottery jackpot in the history of the United States. People across the country will be flocking to buy Powerball ticketsat gas stations and convenience stores on 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 theCensus Bureau. Here's what to know ahead of Saturday's drawing and who could win − or not. Did you beat the odds and win?What to know if you have winning ticket. 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. The deadline to buy a Powerball ticket varies by state. Most salesclose one to two hoursbefore 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 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 alsoworsen your mental health, especially if you're spending money you can't afford to lose. "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." If you or someone you know is struggling with gambling, call or text 1-800-GAMBLER, operated by theNational Council on Problem Gambling. Read more:Huge Powerball jackpots attract 'everyone,' but there's a catch 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. Theaverage American spends $320 a yearon lottery tickets, according to aSept. 2 analysisfrom 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. Americans from all backgrounds put up hard-earned money for achance 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 inthe lotterybut 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 thedemographics of the Powerball. Given the 1-in-292.2 million odds, you're more likely to bestruck by lightning, killed by a shark or dying by a meteorite or asteroidthan winning the jackpot. $2.04 billion – Nov. 7, 2022 – winning ticket sold in California $1.8 billion – Sept. 6, 2025 – TBD $1.765 billion – Oct. 11, 2023 – California $1.586 billion – Jan. 13, 2016 – California, Florida, Tennessee $1.326 billion – April 6, 2024 – Oregon $1.08 billion – July 19, 2023 – California $842.4 million – Jan. 1, 2024 – Michigan $768.4 million – March 27, 2019 – Wisconsin $758.7 million – Aug. 23, 2017 – Massachusetts $754.6 million – Feb. 6, 2023 – Washington Contributing: N'dea Yancey-Bragg and Sara Chernikoff, USA TODAY This article originally appeared on USA TODAY:Powerball news for Saturday's huge jackpot: When to watch, how to buy
