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Powerball: $700 million jackpot at stake in Wednesday's drawing

Powerball hits $700M

DES MOINES, Iowa -- Lottery players will have a shot at a $700 million Powerball jackpot that ranks as the second largest in U.S. history. 

Despite incredibly long odds, people throughout the country will hold their breath Wednesday night as five white balls and one red ball are drawn from drums. 

The jackpot is second only to a $1.6 billion prize won in January 2016

The $700 million prize reflects the annuity option, paid over 29 years. Taken as a lump sum, the jackpot is worth $443 million. Federal income tax of 39.6 percent would dwindle the winnings down to about $267 million, and state and local taxes would also apply.

Odds of winning the jackpot are 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.