ATLANTA, Ga. – Georgia Lottery officials announce Tuesday the estimated jackpot for Wednesday’s Powerball drawing has just gone up to $700 million.
The Georgia Lottery cites a rapid increase in sales as the reason for the $50 million increase opposed to the previous jackpot of $650 million.
The Powerball jackpot began rolling June 14 and has rolled 20 times. This new high now becomes the second highest lottery jackpot in United States history.
Powerball offers two jackpot payment options: the $700 million jackpot prize paid over 29 years in 30 graduated payments; or the cash option, which is approximately $443 million. Powerball tickets are $2 per play.
As with all other Georgia Lottery games, proceeds from Powerball will benefit education in the state of Georgia.
Since its first year, the Georgia Lottery Corp. has returned more than $18.7 billion to the state of Georgia for education. All Georgia Lottery profits go to pay for specific educational programs, including Georgia’s HOPE Scholarship Program and Georgia’s Pre-K Program. More than 1.7 million students have received HOPE, and more than 1.4 million 4-year-olds have attended the statewide, voluntary prekindergarten program.
Powerball Fast Facts:
- Draw Date: Wednesday, Aug. 23, 2017
- Estimated Jackpot Amount: $700 million
- Annuity Amount: Jackpot prize paid over 29 years in 30 graduated payments
- Cash Option Amount: Approximately $443 million
- Cost to Play: $2 per play; an additional $1 per play to add the Power Play multiplier
- Drawings: 11 p.m. (ET) every Wednesday and Saturday
- Overall Odds of Winning Any Prize: Approximately 1:24.87
- Odds of Winning Jackpot Prize: Approximately 1:292 million
- Date Jackpot Began Rolling: June 14, 2017
- Number of Rolls: 20
- Last Winning Jackpot Ticket: June 10, 2017 ($447.8M – California)
- #1 Powerball Jackpot: Jan. 13, 2016 – $1.586 billion jackpot (Calif.; Fla.; and Tenn.)