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Powerball jackpot climbs to $700 million

| Tuesday, Aug. 22, 2017, 12:09 p.m.
A customer shows his purchased Powerball tickets, Friday, Aug. 18, 2017, in Hialeah, Fla. An estimated $535 million for set for  Saturday night's drawing. (AP Photo/Alan Diaz)
A customer shows his purchased Powerball tickets, Friday, Aug. 18, 2017, in Hialeah, Fla. An estimated $535 million for set for Saturday night's drawing. (AP Photo/Alan Diaz)

DES MOINES, Iowa — The Powerball jackpot has increased to $700 million, making it the second largest in U.S. history.

Lottery officials raised the expected jackpot Tuesday, pushing it past a $656 million Mega Millions jackpot won in 2012 by three people.

The prize for Wednesday's drawing has grown so massive because it's been more than two months since a jackpot winner, on June 10. The prize remains far less than the record $1.6 billion prize won by three people in January 2016.

The latest $700 million prize refers to the annuity option, paid over 29 years. The cash option would be $443.3 million.

The odds of winning the Powerball jackpot is one in 292.2 million.

Powerball is played in 44 states, as well as Washington, D.C., Puerto Rico and the U.S. Virgin Islands.

Top 10 largest US Jackpots

An estimated jackpot of $700 million is up for grabs in the Powerball lottery draw on Wednesday night — potentially the second-largest lottery payout in the nation. Here's a look at the 10 largest U.S. jackpots so far and the states where the winning tickets were sold:

1. $1.6 billion, Powerball, Jan. 13, 2016 (three tickets, from California, Florida, Tennessee)

2. $656 million, Mega Millions, March 30, 2012 (three tickets, from Kansas, Illinois and Maryland)

3. $648 million, Mega Millions, Dec. 17, 2013 (two tickets, from California and Georgia)

4. $590.5 million, Powerball, May 18, 2013 (one ticket, from Florida)

5. $587.5 million, Powerball, Nov. 28, 2012 (two tickets, from Arizona and Missouri)

6. $564.1 million, Powerball, Feb. 11, 2015 (three tickets, from North Carolina, Puerto Rico and Texas)

7. $536 million, Mega Millions, July 8, 2016 (one ticket, from Indiana)

8. $487 million, Powerball, July 30, 2016 (one ticket, from New Hampshire)

9. $448.4 million, Powerball, Aug. 7, 2013 (three tickets, one from Minnesota and two from New Jersey)

10. $447.8 million, Powerball, June 10, 2017, (one ticket, from California)

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Sources: AP archives, www.megamillions.com and www.powerball.com

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