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Powerball jackpot hits half a billion - Capital Journal: News

Powerball jackpot hits half a billion

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Posted: Tuesday, November 27, 2012 11:18 pm | Updated: 11:19 pm, Tue Nov 27, 2012.

Record Powerball ticket sales for the Nov. 28 drawing have prompted the group that oversees the game to raise the estimated jackpot from $425 million to $500 million. According to the Multi-State Lottery Association, that makes the Powerball jackpot currently the largest in the world, and the second largest jackpot in U.S. lottery history.

If the jackpot is won in the Nov. 28 drawing and the winner chooses the annuity option, the prize money will be paid out in 30 annual payments. The cash option, about $327 million, is paid in a one-time lump sum payment. The odds of winning the Powerball jackpot are 1:175,223,510.

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