Winning Powerball Numbers, Aug. 23, 2017: Where To Buy Tickets In Minnesota

The Powerball jackpot has surpassed half a billion dollars. With no one hitting the jackpot Saturday, the winning amount rises to $700 million for the Wednesday, Aug. 23, drawing. The winnings were increased Tuesday morning from an estimated $650 million.

The winning numbers are: 7-26-16-23-6 with a Powerball number of 4.

Wednesday's Powerball jackpot is the second-largest jackpot in Powerball history. The cash payout will be an estimated $443.3 million. If the winning ticket is purchased as an annuity, the estimated $700 million jackpot prize will be paid out over 30 years. The first payment would be $10,536,005 and the 30th payment would be $43,367,623.

Powerball drawings are held every Wednesday and Saturday at 9:59 p.m. central time. The record in the game was a $1.6 billion drawing in January 2016, which was won by a couple from Tennessee. And five months ago, on Feb. 22, a lucky player in Indiana won the $435 million Powerball jackpot, the 10th largest in the game's history.

Find out where you can buy your Powerball tickets here, via the Minnesota Lottery.

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The largest three Powerball jackpots ever are:

• $1.6 Billion — January 2016
• $590.5 Million — February 2013
• $587.5 Million — November 2012

But is the money spent worth the long odds? According to the Powerball website, the chances of winning the jackpot are 1 in 292,201,338. But is your investment worth those astronomical odds? Between taxes and the possibility of sharing the prize, as well as the infinitesimal likelihood of snagging the cash, Business Insider says it's a losing proposition.

The website uses the probabilities and prize amounts to calculate the expected value of a $2 ticket. For example, winners who take the lump sum lose out on interest earned if they take payments for years, so the expected value of a ticket drops below zero, to -$0.52. You can delve into the odds of winning, and see if you still want spend $2 per ticket, on Business Insider.

The Powerball game is played by matching all five white balls in any order and the red Powerball number. The odds of picking the correct Powerball grand prize numbers are one in 292,201,338. (For more local news, click here to sign up for real-time news alerts and newsletters from Minnesota Patch, click here to find your local Minnesota Patch. Also, follow us on Facebook, and if you have an iPhone, click here to get the free Patch iPhone app.)

The January 2016 record Powerball jackpot was worth nearly $1.6 billion. But Americans will still drop by the nearest convenience store with dreams of cash and buy a ticket.

The billion dollar-plus prize won in the Jan. 13, 2016, drawing was the largest lotto jackpot awarded in U.S. history and was split by three winners. In the summer of 2016, a New Hampshire player won a $478 million prize; the June 10 win of $447 million was the eighth largest jackpot in the game's history.

If you still want to take a chance — someone has to win, right? — you have a better chance of hitting the jackpot if you let the computer pick your numbers. The Multi-State Lottery Association, which operates the Powerball game, says about 75 percent of winning tickets are selected when the numbers are chosen by a computer.

The lottery game is played in 44 states plus the District of Columbia, Puerto Rico and the U.S. Virgin Islands. Powerball draws can be seen on hundreds of TV stations nationwide. It may also be available on cable or your mobile device. The draws are also posted on YouTube and on the Powerball site. Where to watch the Powerball drawing on TV.

Claiming, Safeguarding Winnings

So, what should you do if you win the big prize? Many lottery winners hire an attorney, financial planner or both, since most people don’t exactly know what to do when they suddenly come into so much money. Some even bring their lawyer with them to claim their prize. The lottery does not offer any counseling services or advice for winners.

You have two choices when you claim your prize: the full value paid in 30 installments over 29 years, or a one-time lump sum that is smaller than the actual total.

Then there are the taxes. The federal tax on lottery winnings is 25 percent. Then, any extra income taxes like state or city would apply.

Financial experts say that if you can get more than a 3 or 4 percent return on an investment, the lump sum is actually the best way to go in the long-term.

Deb Belt (Patch National Staff) contributed to this report.

Image via Shutterstock