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Now The Second Largest!


(CBS News)

The estimated jackpot for Wednesday night’s Powerball lottery game has climbed to $700 million, making it the second-largest in U.S. history.

The winning numbers in Powerball’s massive $535 million jackpot drawn Saturday were 17, 19, 39, 43, 68 and Powerball number 13.

Here are details about the game and how the prize has grown so large:

WHEN IS THE DRAWING, AND HOW DOES THE GAME WORK?

The drawing will be Wednesday, August 23, at 10:59 p.m. ET in Tallahassee, Florida. Officials will draw five white balls from a drum containing 69 balls, and then select one red ball from a drum with 26 balls. To win, players need to have paid $2 for a ticket, and choose numbers or opted to let a computer make a random choice.

THE PRIZE

The jackpot is $700 million, but that refers to the annuity option, doled out in 30 payments over 29 years. Nearly all winners favor the cash option, which pays significantly less. For the current jackpot, the cash prize would be $443.3 million.

THE ODDS

The odds of winning are 1 in 292.2 million. Tom Rietz, a professor at the University of Iowa who researches probabilities, says one way to think about it is to envision the 324 million U.S. residents. Your chance of winning is roughly comparable to being that one lucky person out of the entire population, with everyone else losing.