Powerball Jackpot Grows to $425M

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

(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 jackpotĀ  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