The winning numbers -- 10, 13, 14, 22, 52 and a Powerball of 11 -- were drawn just before 11:00 pm eastern time (0300 GMT Sunday) and the winning ticket was sold in Florida, according to the competition's website.
US media quoted lottery officials as putting the winning purse at USD 590.5 million. Powerball did not name the winner but said further details would be released later today.
Americans by the droves plunked down their cash yesterday in a last-minute push for a chance at scooping the top prize, snapping up the USD 2 tickets at supermarkets, corner stores and gas stations.
The prediction proved accurate, narrowly surpassing a November 2012 Powerball jackpot of USD 587.5 million.
Also Read
"Strong sales across the country are the reason the prize is taking big jumps now," the organisers said -- particularly after the May 15 draw, when the jackpot stood at USD 363.9 million and there was no winner.
Sales were also boosted after Powerball tickets became available in California starting in April, the 43rd US state to join the competition.
The game presents a choice of five numbers from a pool of 59, plus a Powerball number from a separate pool of 35.
Like all US lotteries, the winnings are subject to tax.
The richest US lottery jackpot of all time is USD 656 million, won in a Mega Millions draw in March 2012 and split between three tickets in Illinois, Kansas and Maryland.
Back then, when entering cost USD 1, big lines of customers formed for three days, said Rajendra Prasad Bhusal, an employee at the Continental Wine and Liquor store in downtown Washington.
"Now, people complain that the tickets cost too much," he added.