Will There Be A Winner? Aug. 23 Powerball Jackpot Set At $700 Million

CARMEL, IN — There's still time to get your ticket for Wednesday night's Powerball drawing, worth $700 million. According to Hoosier Lottery, its the second largest Powerball jackpot in the history of the game in North America. The record-breaking largest was the $1.586 billion Powerball jackpot in Jan. 2016, Hoosier Lottery reports.

Powerball tickets are available at Hoosier Lottery retailers until 9:58 p.m. Wednesday. The winning numbers will be drawn at 11 p.m. on Wednesday, Aug. 23, 2017.

Wednesday's Powerball jackpot has been increasing since June 10, when a $447.8 million jackpot was won on a ticket sold in California. (For more information on this and other neighborhood stories, subscribe to Carmel Patch to receive daily newsletters and breaking news alerts and LIKE Carmel Patch on Facebook).

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If you happen to win the current Powerball jackpot prize, here's what USAMega thinks you should know:

• Annuity payment option: Receive 30 average annual payouts of $23,333,333. But an average of $5,833,333 goes to Federal and Indiana takes an average of $793,333. This means your average payment per year is $16,706,667, as payments increase up to your $501,200,010 payout in 30 years.
• Lump sum cash payout: $443,300,000, before federal taxes take $110,825,000 and state taxes take another $15,072,200. Then your $700 million jackpot winning ends up being $317,402,800.

According to ABC News, the jackpot will jump to $1 billion if there is no winner Wednesday night.

More information and Powerball jackpot ticket retailers: usmega.com and hoosierlottery.com

(Joshua Lott/News/Getty Images)