Powerball Jackpot sits at $83 million for Wednesday

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The one-time cash payout of $52.8 million is waiting for you if you have bought a ticket for today’s Powerball Jackpot. This is an estimated $83 million jackpot.

We find today’s Powerball jackpot small if we compare it with January’s $1.6 billion jackpot or with Augusts’ $758.7 million jackpot but $52.8 million is not a negligible amount at all. If you have not bought a ticket, we request you to get it before 9:00 pm (Central Time). However, the winning numbers will be drawn at 9:59 pm (Central Time).

Ticket Cost: $2

Website: www.illinoislottery.com

Odds of Winning: 1 in 292 million

Powerball drawings are held every Wednesday and Saturday. To participate in this game, each player needs to pick five (white) numbers from 1 to 69 and a (red) Powerball number from 1 to 26. After winning the jackpot by matching all six numbers (5 white numbers and 1 red number), a punter can collect the full amount in 30 installments over 29 years or a lump sum payment. The one-time payment is smaller than the actual total amount as the winner is likely to pay 25 percent of his/her winnings as the federal tax in order to collect the lump sum payment.