$550M Powerball jackpot is 2nd highest in history - WALB.com, Albany News, Weather, Sports

$550M Powerball jackpot is 2nd highest in history

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ATLANTA, GA (WALB) -

Powerball just got even more powerful. Georgia Lottery officials announced today that strong sales have bumped Saturday's Powerball jackpot from an estimated $475 million to an estimated $550 million.

The current jackpot is the second largest in Powerball history and the third largest jackpot in U.S. history.

Friday's Mega Millions jackpot is an estimated $190 million.

The combined Powerball and Mega Millions jackpots are a U.S. record at $740 million.

Powerball offers two jackpot payment options: the $550 million jackpot prize paid over 29 years in 30 graduated payments; or the cash option, which is approximately $350 million.

Mega Millions offers two jackpot payment options: approximately $7.3 million a year for 26 years with the annuity option; or a single payment worth approximately $140 million.

Powerball tickets are $2 per play. Mega Millions tickets are $1 per play.

As with all other Georgia Lottery games, proceeds from Powerball and Mega Millions will benefit education in the state of Georgia.

Since its first year, the Georgia Lottery Corp. has returned more than $14.3 billion to the state of Georgia for education. All Georgia Lottery profits go to pay for specific educational programs, including Georgia's HOPE Scholarship Program and Georgia's Pre-K Program. More than 1.4 million students have received HOPE, and more than 1.2 million 4-year-olds have attended the statewide, voluntary prekindergarten program.

 

POWERBALL FAST FACTS

Draw Date: Saturday, May 18, 2013

Estimated Jackpot Amount: $550 million

Annuity Amount: Jackpot prize paid over 29 years in 30 graduated payments

Cash Option Amount: Approximately $350 million

Cost to Play: $2 per play; an additional $1 per play to add the Power Play multiplier feature

Drawings: Air at 11 p.m. (ET) every Wednesday and Saturday in Georgia

Latest to Purchase Tickets: Until 10 p.m. on days of drawings; until 1 a.m. other days

Overall Odds of Winning Any Prize: Approximately 1:32

Odds of Winning Jackpot Prize: Approximately 1:175 million

Number of Jurisdictions: 45 (43 states, District of Columbia, U.S. Virgin Islands)

Date Jackpot Began Rolling: April 3, 2013

Number of Rolls: 13

Last Winning Jackpot Ticket: March 30, 2013 - $50 million jackpot (Illinois winner)

#1 Powerball Jackpot: Nov. 28, 2013 - $588 million jackpot (Arizona and Missouri winners)

 

MEGA MILLIONS FAST FACTS

Draw Date: Friday, May 17, 2013

Estimated Jackpot Amount: $190 million

Annuity Amount: Approximately $7.3 million a year for 26 years

Cash Option Amount: $140 million

Cost to Play: $1 per play; an additional $1 per play to add the Megaplier feature

Drawings: Air at 11 p.m. (ET) every Tuesday and Friday in Georgia

Latest to Purchase Tickets: Until 10:45 p.m. on days of drawings; until 1 a.m. other days

Overall Odds of Winning Any Prize: Approximately 1:40

Odds of Winning Jackpot Prize: Approximately 1:175 million

Number of Jurisdictions: 45 (43 states, District of Columbia, U.S. Virgin Islands)

Date Jackpot Began Rolling: March 15, 2013

Number of Rolls: 18

Last Winning Jackpot Ticket: March 12, 2013 - $41 million jackpot (Ohio winner)

#1 Mega Millions Jackpot: March 30, 2012 - $656 million (Illinois, Kansas and Maryland winners)

 

For more information on the Georgia Lottery Corp., Powerball and Mega Millions, please visit: www.galottery.com

 

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