Powerball Winning Numbers For 5/4/2016

By Marc Torrence:

The Powerball jackpot for Wednesday, May 4's drawing isn't quite the record payout we saw in January, but it's hardly chump change.

The winning numbers on May 4 are 47-69-30-66-57; the Powerball is 3.

The jackpot is up to an estimated $348 million, with a $226.1 million cash value. If nobody wins this time around, that jackpot will continue to climb.

Earlier this year, the Powerball jackpot climbed up to $1.6 billion, the highest it's ever been. There ended up being three winners, from California, Tennessee and Florida.

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

So 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.

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. 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.

Click here to find out where to play.