Powerball Winning Numbers, May 7: Jackpot at $415 Million

Nobody hit it big in the Powerball drawing Wednesday, which means the payout is richer. For the drawing Saturday, May 7, the Powerball jackpot is in the area of $415 million.

The Powerball winning numbers for Saturday, May 7 are 05-25-26-44-66, Powerball: 09, Power Play: 2

Earlier this year, the Powerball jackpot climbed up to $1.6 billion, the highest it's ever been. Three people from California, Tennessee and Florida ended up cashing in on the jackpot.

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.

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.

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.

Interesting 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.