Powerball jackpot hits $1 billion, sixth-largest in history, for Labor Day drawing.

The Powerball jackpot has soared to an estimated $1 billion for the Labor Day weekend drawing, making it the sixth-largest prize in the game's history. The jackpot has grown each week since the last win on May 31. With odds of 1 in 292.2 million, the winner can choose between a lump sum of $453.1 million or annual payments totaling $1 billion, both before taxes. The drawing will take place on Saturday at 10:59 p.m. ET.