The ticket-holder – who will have to be named under California law – can choose either the total jackpot paid out in yearly increments or a $558.1m (£431m) one-time lump sum before taxes.
In the past, nearly all winners have opted for the cash lump sum.
The $1.08bn prize is the third biggest Powerball win in history – and the sixth biggest jackpot across all lotteries in the US.
The biggest lottery wins in US history
1) $2.04bn (£1.76bn) – Powerball – November 2022
2) $1.6bn (£1.3bn) – Powerball – January 2016
3) $1.54bn (£1.19bn) – Mega Millions – October 2018
4) $1.35bn (£1.04bn) – Mega Millions – January 2023
5) $1.335bn (£1.02bn) – Mega Millions – July 2022
6) $1.08bn jackpot (£835bn) – Powerball – July 2023
Powerball’s largest jackpot – a whopping $2.04bn (£1.76bn) – was won in November last year, beating the previous highest total of $1.6bn (£1.3bn) in 2016.
The third, fourth and fifth biggest prizes, all around $1.5bn (£1.15bn), were won on another lottery, the Mega Millions.