Powerball Jackpot Crosses $300 Million, Wednesday Draw Decides Winner

The US Powerball jackpot amount has crossed $300 million, with no one winning the mega prize in the last weekedn and the Wednesday drawing is for a whopping cash prize amount of #302 million or more depending on the sale of tickets.

Powerball draws are on Wednesdays and Saturdays at 10:59 pm with the odds of winning the jackpot with a $2 ticket are 1 in 292,201,338. The other Mega Millions draws are held on Tuesdays and Fridays at 11 pm with odds of winning the jackpot with a $1 ticket at 1-in-258.9 million.

On 13th January, 2016, the highest amount of $1.5 Billion Powerball jackpot was won by an anonymous winner in California, Florida, and Tennessee area. Each winner won one-third of the amount worth $528.8 million, and each store winner will receive $1 million as bonus for selling the winning numbered ticket.

Otherwise, the three stores which had sold the rickets were — a 7-Eleven convenience store in Chino Hills, east of Los Angeles, the second one at Munford, Tennessee and the third one is a Publix grocery store in Melbourne Beach, Florida. Tennesse claimed the second winning ticket in less than three months as it had the last winner was in November, who claimed $144.1 million.

The craze for Powerball lottery has become a craze in the US that the rush hour peak on Wednesday before the lottery is drawn reaches $1.3 million per minute, according to Gary Grief, executive director of the Texas lottery. The winner will be given a choice to receive multi-year annuity or a lum-sum amount. In case of lump-sum pay out, the amount gets reduced from $1.6 billion to $983.5 million.

Despite the casino and fluke in winning the ticket, half of the proceeds goes to prizes, 40% to social causes and 10 percent to retailers who sell the tickets and administrative costs. Usually no winning tickets emerge making the jackpot rollover into millions and this time it has gone into one billion dollars, making it highest amount ever given out. However, Powerball is played only in 44 out of 50 states in the US, besdies Washington, D.C. and two U.S. territories.

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