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Powerball Jackpot to Hit Record High, $425M, Potential to Go Up

Written by Wendy L  |  26. November 2012

UPDATE: As of Nov. 27, the Powerball jackpot for Wednesday has gone up to $500 million, a $327.4 million cash value.

This Wednesday’s Powerball will truly be a jackpot for the winner(s) of the game. The Powerball jackpot has reached an all-time high of $425 million, with the expectation that it may go even higher given the typical surge of ticket purchases the day before a record drawing.

The winner or those holding a winning ticket for Wednesday’s game can expect to split a one-time cash value sum amount of $278.3 million or annuity payments on the full amount over 30 years.

To get into the game, tickets need to be purchased by 9:59 p.m. on Wednesday. The game is played in 42 states, including Washington D.C. and the U.S. Virgin Islands.

The second largest top prize Powerball game recorded was a jackpot of $365 million. Back in 2006, eight workers from ConAgra Foods in Lincoln, Neb. won the game. In terms of the record high jackpot payout in U.S. history, it goes to the MegaMillions game where there was a payout of $656 million in April. The winnings were shared between three ticket holders.

Record jackpots have typically been the result of roll overs. This Wednesday’s Powerball game is the result of 16 consecutive roll overs without anyone hitting the big prize. It’s believed there is a slim chance that this upcoming game will continue on the path of rolling over with no winner, according to Chuck Strutt, executive director of Multi-State Lottery Association.

Considering the large jackpot this time around, it is enticing many Americans to play even with the slim chance to win at 1 in 175 million. All one has to do is put out $2, and they have their chance at the jackpot.

Powerball involves the drawing of five white balls and one red ball out of a drum of 59 white balls and 35 red balls. The drawing occurs every Wednesday and Saturday at 10:59 p.m. Eastern Time. To enter the game for the day, tickets need to be purchased at least 59 minutes before the drawing.

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