Powerball jackpot hits $750 million

NEW YORK (FOX 5 NY) - The multi-state Powerball jackpot has hit an estimated $750 million for Wednesday's drawing after another draw on Saturday with no grand prize winner.  The cash option would be worth an estimated $465.5 million before taxes.

It will be the fourth-largest lottery grand prize in U.S. history if anyone hits the correct numbers.

Jackpot winners can either select their prize as an annuity or a lump-sum payment.

If the annuity option is selected, the winner is guaranteed to receive 30 graduated payments over 29 years.  The annual payments increase by 5% until the 30th and final payment.

The odds of winning any prize in a Powerball drawing are 1 in 24.9, according to Powerball.  The odds of winning the jackpot itself are less than one in 292 million.

The largest single-winner prize was the $1.5 billion Mega Millions jackpot claimed by an anonymous individual in South Carolina this year. The take-home pay for that winner – who opted for the lump sum – was about $490.6 million.

Here are a look at the 10 largest jackpots:

1. $1.586 billion, Powerball, Jan. 13, 2016 (three tickets, from California, Florida, Tennessee)

2. $1.537 billion, Mega Millions, Oct. 23, 2018 (one ticket, South Carolina)

3. $758.7 million, Powerball, Aug. 23, 2017 (one ticket, from Massachusetts)

4. $687.8 million, Powerball, Oct. 27, 2018 (two tickets, from Iowa and New York)

5. $656 million, Mega Millions, March 30, 2012 (three tickets, from Kansas, Illinois and Maryland)

6. $648 million, Mega Millions, Dec. 17, 2013 (two tickets, from California and Georgia)

7. $590.5 million, Powerball, May 18, 2013 (one ticket, from Florida)

8. $587.5 million, Powerball, Nov. 28, 2012 (two tickets, from Arizona and Missouri)

9. $564.1 million, Powerball, Feb. 11, 2015 (three tickets, from North Carolina, Puerto Rico and Texas)

10. $559.7 million, Powerball, Jan. 6, 2018 (one ticket, New Hampshire)