Powerball jackpot soars to $700M -- the second-largest in U.S. history

By Allen Cone  |  Updated Aug. 22, 2017 at 3:14 PM
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Aug. 22 (UPI) -- The estimated payout in Wednesday night's Powerball drawing has soared to $700 million -- the second-largest jackpot in U.S. lottery history.

The estimated amount was announced by Powerball on Tuesday. The jackpot could grow before the six balls are drawn in Tallahassee, Fla., at 10:59 p.m. Wednesday

The $700 million is what would be doled out to one winner in 30 payments over 29 years. If the lump sum option is chosen, the payout would be $443.3 million.

The odds of winning are one in 292.2 million for each $2 ticket.

Saturday's drawing produced no winners for the then-$535 million pot.

The last time a Powerball jackpot was paid out was June 10, when $447.8 million was awarded to a single winner in California.

The only jackpot larger than Wednesday's was a $1.58 billion payday -- which was split among three winners in California, Florida and Tennessee in 2016.

Whoever the winner, or winners, they will have to pay federal and state taxes. California and Texas don't assess state taxes on lottery prices and nine other states don't tax income. A 25 percent federal tax would take $175 million of a $700 million jackpot.

Powerball dates back to 1992 -- when it replaced another game called Lotto America. It's is played in 44 states and Washington, D.C., Puerto Rico and the U.S. Virgin Islands. It is not played in Alabama, Alaska, Hawaii, Mississippi, Nevada and Utah.

In the game, five of the 69 white balls are chosen and one of the 29 red Powerballs is drawn.

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