Home News Next Powerball Drawing Is Wednesday, and the Jackpot Is $700 Million

Next Powerball Drawing Is Wednesday, and the Jackpot Is $700 Million

The Powerball lottery game jackpot has climbed to $700 million, making it the second largest in U.S. history. There’s still time to get on it, as the next drawing is Wednesday night, Aug. 23, at 10:59 p.m. EST.

The official cutoff time for ticket sales is 10 p.m. EST, although some lotteries cut off sales earlier in the evening.

Powerball tickets at Cumberland Farms store

Powerball tickets at Cumberland Farms store Powerball tickets await players at Cumberland Farms convenience store in Washington Crossing, Pennsylvania. | William Thomas Cain/Getty Images

While the jackpot is listed at $700 million, that would apply to a winner who selected to receive the money as an annuity in 30 payments over 29 years. Most winners opt for the cash payment, however, which for the current jackpot would pay a lesser amount of $443.3 million, according to CBS News.

After federal taxes, the payout on that $443 million lump sum would be knocked down to roughly $110 million, according to USA Mega. State tax rates vary, and some states do not assess taxes on lottery winnings.

The ranking for the largest Powerball payout in U.S. history was the $1.6 billion jackpot in January 2016, which was split among three winners in California, Tennessee, and Florida. The most recent big Powerball payout was earlier this year when a single winner received $447.8 million in California, as reported by CNBC.

A customer buys Powerball tickets

A customer buys Powerball tickets A customer buys Powerball tickets at Kavanagh Liquors on January 13, 2016 in San Lorenzo, California. Dozens of people lined up outside of Kavanagh Liquors, a store that has had several multi-million dollar winners, to purchase Powerball tickets in hopes of winning the estimated record-breaking $1.5 billion dollar jackpot. | Justin Sullivan/Getty Images

In addition to the big payout, there is also the possibility of winning $1 million for matching the five regular balls or $4 for those who match the Powerball.

Powerball is played in 44 states. In the game, five of 69 white balls are pulled, and one Powerball of 26 is pulled. This results in odds of 1 in 292,201,338 of winning a jackpot per play. Each ticket costs $2, or $3 with the Power Play option. Drawings are usually held in Tallahassee, Fla.

Read the original article from The Cheat Sheet

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