Powerball players eye jackpot estimated at $380 million

Sat Feb 7, 2015 8:42am EST
 
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NEW YORK (Reuters) - One of the richest Powerball jackpots ever offered is up for grabs on Saturday, with the multi-state lottery's grand prize reaching an estimated $380 million after the previous drawing failed to produce a winner.

Powerball jackpots start at $40 million and grow until at least one player comes up with the winning number at a drawing.

The jackpot winners receive either payments over 29 years or a smaller cash lump sum. The cash option for the jackpot was about $257 million.

The biggest Powerball jackpot awarded by the Multi-State Lottery Association was $590.5 million and went to the holder of a single winning ticket in 2013. The association also operates the Mega Millions jackpot, which awarded a top prize of $656 million three years ago.

Game drawings for Powerball, played in 44 U.S. states, the District of Columbia and the U.S. Virgin Islands, are held on Wednesdays and Saturdays at 10:59 p.m. in Tallahassee, Florida.

Powerball sales reached nearly $5 billion last year for game tickets that are sold through more than 210,000 lottery terminals. Each ticket costs $2.

The odds of winning the Powerball jackpot are one in 175 million.

(Reporting by Laila Kearney; Editing by Mohammad Zargham)