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Powerball jackpot raised to $550M, 2nd highest in game’s history

By   /   May 16, 2013  /   Comments

ATLANTA – Powerball just got even more powerful. Georgia Lottery officials announced today that strong sales have bumped Saturday’s Powerball jackpot from an estimated $475 million to an estimated $550 million.

The current jackpot is the second largest in Powerball history and the third largest jackpot in U.S. history.

Additionally, Friday’s Mega Millions jackpot is an estimated $190 million.

The combined Powerball and Mega Millions jackpots are a U.S. record at $740 million.

Powerball offers two jackpot payment options: the $550 million jackpot prize paid over 29 years in 30 graduated payments; or the cash option, which is approximately $350 million.

Mega Millions offers two jackpot payment options: approximately $7.3 million a year for 26 years with the annuity option; or a single payment worth approximately $140 million.

Powerball tickets are $2 per play. Mega Millions tickets are $1 per play.

As with all other Georgia Lottery games, proceeds from Powerball and Mega Millions will benefit education in the state of Georgia.

Since its first year, the Georgia Lottery Corp. has returned more than $14.3 billion to the state of Georgia for education. All Georgia Lottery profits go to pay for specific educational programs, including Georgia’s HOPE Scholarship Program and Georgia’s Pre-K Program. More than 1.4 million students have received HOPE, and more than 1.2 million 4-year-olds have attended the statewide, voluntary prekindergarten program.

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