Did anyone win the $700 million Powerball jackpot? What are the winning numbers for the August 23 drawing? Those are two of the many questions lottery players are asking as they dream about winning the second largest jackpot in the history of the lottery game.
With no jackpot winner since June, all eyes are on the results from Wednesday's Powerball drawing. But don't fret if you don't win $700 million on Saturday night. If no one matches the winning numbers drawn on August 23, the jackpot for the next drawing (August 26) could exceed the $1.6 billion jackpot that was split between three winners in January 2016.
UPDATE: The winning Powerball numbers for August 23 are: 6-7-16-23-26 PB 4.
According to the Washington Post, your odds of matching all five white balls and the red Powerball are "1 in roughly 292 million." However, that's not stopping people from plunking down $2 for a ticket, even if the chance of becoming an instant multi-millionaire is slim.
The winning numbers are drawn every Wednesday and Saturday at 10:59 p.m. ET. According to Multi-State Lottery Association's official Powerball website, tickets are sold in 44 states, D.C., Puerto Rico, and the U.S. Virgin Islands. The cutoff time for buying a ticket is one hour prior to the drawing.
Lottery players who want to watch the drawing live have a few options. Check the Powerball website for a complete list of TV stations that broadcast the drawing right before the 11 pm. ET newscast.
You can also see the winning numbers drawn via a live stream provided by WRAL. If you are out and about on Wednesday night, watch live video of the Powerball drawing by downloading the free Lottery Hub app to your iPhone or Android device.
How much cash will you take home if you win the $700 million Powerball jackpot? Enough to warrant hiring a financial advisor and an attorney to help you manage your windfall. However, you won't get the entire $700 million jackpot unless you choose the lottery's 30-year annuity option. If you prefer to get your millions all at once, the cash value of Wednesday night's jackpot is currently $443.3 million.
Whether you choose the annuity or the lump sum payment, USA Mega reports that 25 percent of your winnings will be withheld for federal taxes. Your payment will also be subject to state taxes unless you live in California, Delaware, Florida, New Hampshire, Pennsylvania, Puerto Rico, South Dakota, Tennessee, Texas, the U.S. Virgin Islands, Washington, or Wyoming.[Featured Image by Justin Sullivan/Getty Images]