In order to win the jackpot, a lottery ticket holder must match all five white balls and the red Powerball selected during a drawing.
Tickets for the lottery cost $2 each – and the odds of winning the jackpot are 1 in 292.2 million, according to game organisers.
A winner has an option to choose a lump-sum payment or receive the full amount in an annuity paid over 29 years, but most winners opt for the upfront cash option.
The game, which began in 1992, is played in 45 of the 50 US states, the capital city of Washington, and in the US territories of Puerto Rico and the Virgin Islands.
The winnings are subject to federal taxes of between 24% and 37%, and, in most cases, state taxes.