Powerball Jackpot Winnings Up To $415 Million: What You Need To Know

By Marc Torrence, Renee Schiavone, Bea Karnes (Patch Staff)

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Are you feeling the symptoms of Powerball fever? While Saturday’s jackpot is far from the record $1.6 billion set earlier this year, the anticipated $415 million jackpot will certainly finance most dreams.

That earlier $1.6 billion jackpot was divvied up between three winning tickets, in California, Tennessee and Florida.

Also See: 3 Winning Powerball Tickets for $1.5 Billion Sold, One in Chino Hills, CA

The January 13 drawing captured the attention of millions around the country. When the winner was announced, a huge crowd flocked to the Chino Hills, California, 7-Eleven where one of the winning tickets was sold.

Also See: Crowd Flocks to Chino Hills

To date, the California winners have yet to come forward, according to lottery officials. The other two winners -- in Florida and Tennessee -- have claimed their prize.

So how does Powerball work?

The Powerball drawings are held every Wednesday and Saturday at 7:59 p.m. local time. You can buy tickets up until 7 p.m. at most locations.

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 because of the volume of tickets sold.

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.

The odds of that happening? Just 1 in 292,201,338.

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 a cash payout that is available immediately but is significantly less money than the total jackpot.

Click here to search for Oregon Lottery retailers.

What would you do with the money?

Find out how to play Powerball here.

--Photo courtesy Shutterstock