US lotto hits $700M, becomes second largest jackpot

The Powerball lottery jackpot hit $700 million Tuesday as people across the country scrambled to purchase tickets ahead of the drawing Wednesday night.

It has been more than two months since the last Powerball winner took home a prize.

The largest jackpot ever won in 2016 when three people won a $1.6 billion jackpot.

The current jackpot would be paid over 29 years. A cash option would give the winner $443.3 million.

The odds of winning are infinitesimally small at one in 292,201,338.00.

Should someone be lucky enough to win, about 40 percent would go to the federal government with an additional percentage to state taxes. State taxes vary by jurisdiction.

New York state takes the biggest percentage, taxing winnings at 8.82 percent, according to usamega.com, a website that tracks lottery news.

California, Delaware, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming do not assess taxes on lottery prizes, according to the website.

Powerball is played in 44 states, Washington DC, Puerto Rico, and the U.S. Virgin Islands.