Powerball jackpot hits nearly $500 million

Drawings will be held every Wednesday and Saturday night at 11 ET until someone wins the jackpot. (Source: MGN Online)
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(Gray News) - Powerball says its jackpot has soared to $495 million, the eighth-largest in the game's history, following the most recent drawing.

The lottery is still looking for its first jackpot winner of 2019 because no one matched all six of the winning numbers drawn Wednesday night. Those numbers were 69, 36, 45, 47 and 18. The red Powerball number was 14.

A jackpot winner will match numbers on all five white balls and the Powerball. The white balls will be numbered one through 69 and the Powerball will be one through 26.

Two tickets in New York matched the five white balls but not the Powerball to win $1 million, according to a lottery press release. One ticket in Florida matched the five white balls and included the Power Play option, which raised the prize to $2 million.

Statistically, you only have a one in 292.2 million chance of winning the big prize. But if you were to beat the long odds and hit the jackpot, you'd have an important decision to make: cash or annuity.

Taking the cash option will net you all the money available in the prize pool.

In the case of Saturday's grand prize, that's an estimated $300.2 million.

The annuity option will give you the entire jackpot broken down into 30 payments over 29 years. To combat inflation, each payment will be 5 percent larger than the previous.

Of course, federal and jurisdictional taxes apply to both options.

Drawings will be held every Wednesday and Saturday night at 11 ET until someone wins the jackpot. If nobody wins, the jackpot will continue to climb.

When a jackpot winner is determined, the prize will reset at $40 million.

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