Powerball Jackpot Jumps To $500 Million Ahead Of Drawing
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MIAMI (CBSMiami) – With the next drawing of Powerball soaring to near-record heights, South Floridians are joining in the frenzy.
In fact, the nationwide enthusiasm beefed up the jackpot from $485 million to $500 million Wednesday morning, hours ahead of the drawing.
The jackpot is third largest in the history of the game and fifth-largest jackpot in U.S. lottery history.
But remember, it's only $500 million if the winner or winners choose annual payments over 30 years. Otherwise, the lump sum cash value is $337.8 million before taxes.
In addition to the jackpot prize, players have the opportunity to win lower-tier prizes from $4 up to $2 million by matching any of the non-jackpot-winning combinations.
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Records going back to 2003 show that 98-percent of winners have taken a lump sum payment instead of annual payments.
It's been more than two months since someone won the Powerball jackpot, so the prize has been gradually growing from its $40 million starting point.
The last time Powerball grew nearly so large was February 2014.
Lottery officials are quick to point out that the game is for fun and a chance to dream. They note the chance of winning a Powerball jackpot is about 1 in 175 million.
Technically there's a better chance of being crushed by an asteroid that falls from the sky than winning the jackpot.
While the odds are overwhelming and you might not win, be sure to check your tickets anyway, even if the grand prize goes to someone in another state. That's because there are secondary prizes, such as $1 for matching five balls but missing on the Powerball.
Powerball is played in 42 states, Washington, D.C., and the U.S. Virgin Islands.