An astonishing $1.08 billion Powerball jackpot has been won by a lucky individual in Los Angeles, setting a record-breaking win.

The winning ticket, sold at Las Palmitas Mini Market, matched all six numbers drawn - 7, 13, 10, 24, 11 - with the Powerball number being 24.

The winner has the choice of receiving the prize in 29 annual installments or a lump-sum payment of $558.1 million before taxes.

The news of the historic win has the city of Los Angeles buzzing with excitement, and the convenience store that sold the ticket will receive a substantial bonus of nearly $1 million.

Nabor Herrera, an employee at the store, expressed his happiness for the winner and the store's bonus, even though he had bought two tickets himself.

California's public school system is also a beneficiary of the win, as nearly $80 million will go towards education from this single Powerball game.

Furthermore, 36 tickets across 16 states matched all five white balls, granting million-dollar prizes to the winners, including seven from California.

For those who missed out on this huge win, there's still a chance with the upcoming Mega Millions drawing offering an enticing $720 million jackpot.