The payout for Powerball varies depending on the number of matches and whether the player chooses the annuity or lump sum option. There are nine different ways to win Powerball prizes, and the eight prizes below the jackpot are fixed amounts, so there is a guaranteed payout regardless of how many winning players there are. The jackpot starts at $20 million and increases every time it is not won. If there are multiple winners of the jackpot, it will be shared equally between them. Jackpot winners may choose to receive their prize as an annuity, paid in 30 graduated payments over 29 years, or a lump-sum payment. The annuity option provides one immediate payment, followed by 29 annual payouts that increase 5% each year, while the lump sum option provides the full prize up front. The lump sum payout is subject to federal and jurisdictional taxes, while the annuity option is taxed annually. The Powerball jackpot has reached as high as $1.73 billion in the past.