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What are the odds you win the lottery?
What are the odds you win the lottery? You're more likely to be struck by lightning.
The Powerball jackpot has soared to a record-high $700 million after no lottery tickets matched all six numbers from Wednesday night’s drawing.
Powerball numbers
By the numbers:
The winning numbers drawn on Wednesday night were 31, 59, 62, 65, 68, and red Powerball 5 and the jackpot was $643 million.
Although no players won the mega cash prize, a $2 million winning ticket was sold in Tennessee (Match 5 + Power Play) and there were also $1 million lottery winners in Michigan and Oklahoma (Match 5).
When is the next lottery drawing?
Why you should care:
The next draw for the Powerball jackpot is Saturday night, and the next drawing for the Mega Millions lottery will be Friday, and the jackpot stands at $234 million.
If there is a winner in the next draw, that person has the option of taking the $700 million which is distributed over 30 annual payments, or a one-time lump sum cash payout of $316.3 million.
RELATED: Powerball grows to $643M
Forbes reported that if the winner chooses the cash payout, the cash prize will fall to $240.4 million after a mandatory federal withholding of 24% is applied.
However, if the winner chooses the cash installment choice, their annual payments of $23.3 million would dip to $14.7 million if the 37% federal marginal rate is applied.
The Source: Information for this story was provided by Forbes, WWBL, and WKYC. This story was reported from Washington, D.C.