(NEW YORK) — The Powerball jackpot has reached $325 million, the fourth largest in the lottery’s history. The drawing will be Saturday, Nov. 24.
If one person’s ticket matches all five numbers along with the Powerball number, that winner will receive a $212.8 million lump sum before taxes. If the winner chooses the annuity option, he or she will receive annual installments for 29 years equal to the full $325 million.
That is, of course, if there is a winner.
According to Powerball’s website, the odds of winning Saturday’s jackpot are 1 in 175,223,510.
However, such huge jackpots always encourage more people to play and as the prizes grow, so do the number of ticket buyers. New York Lottery spokesperson Carolyn Hapeman says excitement over Powerball has also grown since the ticket price was raised from $1 to $2 in January and to increase incentives to play by allowing for a new $1 million second prize and a higher starting jackpot of $40 million. Jackpots have also increased more quickly since the $1 increase.
The three bigger jackpots were a $337 million win in 2012, a $340 million win in 2005, and the largest Powerball win to date was in 2006 for $365 million.
Powerball is played in 42 states and the U.S. Virgin Islands. Only California, Nevada, Hawaii, Alaska, Mississippi, Alabama, Utah, and Wyoming do not participate in the multi-state game.
Copyright 2012 ABC News Radio
Ray Sanchez, CNN Newswire
Chuck Johnston, CNN Newswire