The Powerball jackpot has soared to a jaw-dropping $1.3 billion after Monday's drawing yielded no winners. Players can try their luck again this Wednesday at 10:59 p.m. ET!

This monumental jackpot ranks as the fifth-largest in Powerball history, with a staggering cash option valued at $589 million. The record? A mind-blowing $2.04 billion won on November 7, 2022.

Winning Odds: Are They in Your Favor?

Your chances of snagging the jackpot stand at 1 in 292.2 million, according to Powerball statistics. However, the odds of winning any prize are comparatively better at 1 in 24.9.

This upcoming drawing marks the 41st since California's last winner hit the jackpot back on May 31. So far this year, four jackpots have been claimed.

State-by-State Winnings: Where to Win Big!

Winners have the option to take their fortunes as annuities—paid out in 30 increasing installments over 29 years—or as a lump sum. But beware: Uncle Sam is ready to take a slice!

Federal law imposes a 24% withholding tax on lottery winnings exceeding $5,000, with an additional 14.6% owed during tax season. This brings the total federal tax burden to roughly 37%. Add state taxes into the mix, and some winners are left with far less.

Investigation by CBS News reveals the best—and worst—states for taking home Powerball cash. States like California, Florida, and Texas don’t impose any state income tax on lottery winnings. A resident in these states could net a whopping $820 million in annuity payments or $371 million as a lump sum after federal taxes.

On the flip side, those in states with higher tax rates see their prizes shrink. For instance, a winner in Minnesota might pocket around $692 million, while New Jersey would yield approximately $680 million after taxes—the lowest payout being in New York at around $678 million.

It’s important to note that Alaska, Alabama, Hawaii, Nevada, and Utah do not participate in Powerball.

The Numbers Game: Hot and Cold Digits!

In Powerball, players select five numbers from 1 to 69 and one Powerball from 1 to 26. Analyzing the last 100 draws, the most frequently drawn Powerballs are 2, 5, 9, 20, and 25, while the white balls that appeared most often include 4, 23, 28, 40, and 52.

Interestingly, some numbers have yet to be drawn—specifically Powerballs 16 and 26. While all white digits have made an appearance, number 26 has only been drawn once in the past century of draws.

Remember, while each draw is as random as it gets, knowing the hot and cold numbers might just give you a fun strategy to consider!