Powerball Jackpot Grows to $425M

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(source WGN via CNN) The multi-state Powerball jackpot has risen to $600 million, with a cash value of $376.9 million, according to the Multi-State Lottery Association.The jackpot marks the second-largest lottery jackpot in U.S. history, after no one matched the winning numbers in Wednesday night's draw. (8/7/2013

NEW YORK (CNNMoney) — The Powerball jackpot has ballooned to a whopping $425 million, the third-highest amount ever.

There were no jackpot winners on Saturday, which means the pot rolls to tonight’s scheduled drawing.

Every time it rolls over, it expands by a minimum of $10 million. And even though no one has hit the jackpot, this particular game has dolled out some smaller prizes.

The $425 million jackpot  would fetch a single winner a lump-sum payment after taxes of about $244.7 million.

They also have the option of receiving the jackpot in annuity payments, which no one has selected in the last several years.

The record Powerball jackpot was $590.5 million, won in May by an octogenarian of modest means in Florida. The second-largest jackpot of $587 million was split by two players — one from Arizona and one from Missouri — in November 2012.

In order to win the jackpot, the winner has to draw six numbers that match all six numbers randomly selected by the lottery system.

By CNN’s Aaron Smith

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