Lottery Frenzy Builds as Powerball Jackpot Hits Estimated $630M Wednesday
SACRAMENTO (CBS SF) -- California Lottery officials in Sacramento announced that Wednesday night's Powerball jackpot had risen to an estimated $630 million hours ahead of the drawing.
Officials said the Powerball sequence began at $20 million nearly three months ago on Wednesday, October 6. The prize has rolled over 39 times so far, growing to the current jackpot. The prize stood at $540 million ahead of Monday night's drawing.
The advertised jackpot for Wednesday night started at $575 million and has been increased twice -- the most recent to $630 million -- due to high interest and strong sales across the country.
The new jackpot estimate has a cash value of $448.4 million (minus federal taxes) if a single winner were to choose the lump sum payment.
The prize is currently the 7th highest in Powerball history.
By coincidence, the last time the Powerball jackpot was hit last October from a winning ticket sold in Morro Bay. On that occasion, a single winner hit every single number on a quick pick for the October 4, 2021 draw. That $699.8 million jackpot set a Powerball prize record for California.
California's sales for this entire Powerball sequence total million as of 10:00 a.m. today.
Ticket sales in California for this entire Powerball sequence total more than $158.1 million -- more than 79 million Powerball tickets -- as of 10 a.m. Wednesday, officials said. Those sales are estimated to raise over $63 million for education in the state.
Retailer partners where Lottery tickets are sold have also been winners during this Powerball sequence, officials said. Powerball ticket retailers have earned an estimated $9.3 million combined in ticket sales, cashing the associated winning tickets, and receiving incentive bonuses for selling tickets worth $1 million or more.
If the jackpot is not hit Wednesday night, it will increase to at least an estimated $730 million for Saturday night's drawing.