Powerball Winning Lottery Ticket
One lucky winner who purchased a Powerball ticket in New Jersey has won the ninth-highest jackpot ever, worth $429.6m, after 18 consecutive draws without a winner William Thomas Cain/Getty

One lucky New Jersey Powerball ticket holder will win the $429.6m (£297.7m) jackpot after the numbers had been matched after last night's draw. The winning numbers are 5, 25, 26, 44, 66 and the Powerball number nine. The exact location of where the winning ticket was bought should be known later on Sunday, Powerball spokesperson Kelly Cripe said. It also not yet clear if the ticket is held by one person or a group.

Saturday's jackpot draw is the largest jackpot for any US lottery since January, when a record $1.6bn was split by three Powerball winners in California, Tennessee and Florida. According to the New York lottery, the odds of winning at Powerball are one in 292 million. Statistics experts explain that an American is roughly 25 times more likely to become the next president of the US than win the game.

Once the winner comes forward, they will be given the choice of receiving the money in a lump sum or an annual payment paid over 30 years. About half the lump sum is lost from tax deductions, leaving about $284.1m (£196.8m), while a smaller amount is will be deducted if the winner chooses the annuity. Many past winners of the prize have opted for the lump sum, thinking that they can earn more by investing that by taking a yearly payment.

To win the jackpot, your ticket must match all five numbers plus the Powerball number. The Jackpot starts at $40m and increases with each draw until there is a winner.

The Powerball draw been made 17 consecutive times until the winner was matched. This is the 9th biggest jackpot in the lottery's history. Numbers are drawn each week on Wednesday and Saturday nights at 10:59pm EST until winners are determined.

The UK's second ever biggest jackpot was won by Gillian Bayford of Scotland, who won £148m ($213.6m) in a Euromillions lottery in 2012.