Winning Powerball Numbers Get $415M Jackpot in May 7, 2016, Drawing

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Saturday’s Powerball jackpot has climbed to $415 million, the second-largest in the last year, but nowhere near the record $1.6 billion jackpot split by winners in California, Florida and Tennessee in January.

Still, with a cash option payout of about $270 million, a winning ticket that matches all five numbers and the Powerball number isn’t anything to sneeze at.

The drawing is at 10:59 p.m. Eastern Time Saturday.

More than $15 million was handed out during Wednesday's Powerball drawing, but nobody hit the jackpot. So America's eyes will once again be tuned in to its favorite get-rich-quick game on Saturday.

In the past, Michigan Lottery players have taken in their share of winnings. Julie Leach, of Three Rivers, won the games $310.5 million jackpot in September.

If a Michigan player wins Saturday, the jackpot would be the largest ever won in the state. The current record is held by Donald Lawson, of Lapeer, who won a $337 million jackpot in August 2012.

How Does Powerball Work?

Tickets are sold for $2 in 44 states, plus the District of Columbia, Puerto Rico and the Virgin Islands. The jackpot starts at $40 million and increases after each drawing if there isn't a winner.

The record jackpot went from $355 million to $1.6 billion in three drawings.

Players pick five numbers from one to 69 and a sixth Powerball number, one through 26. (Most people just choose to get random numbers.) There are various levels of payouts, but to win the ultimate jackpot, you have to match all five numbers plus the Powerball.

What Are the Odds?

The odds of that happening? Just 1 in 292,201,338. In other words, don't cash out your kids' college fund to buy tickets.

A winner can pick two ways to claim their prize. The first is an annuity that is paid out 30 times over 29 years. The second is an immediate cash payout that is available immediately but is significantly less money than the total jackpot.

Pooling with Your Friends?

Interested in going in on some tickets with your co-workers or friends to increase the odds? It's a good idea, but if a group that isn't organized wins, chaos and betrayal can ensue. Make sure everyone in the group is on the same page by reading Patch's guide to playing Powerball with your co-workers.

To find a Lottery retailer in your area, go here.

Image via Flickr / Creative Commons