Powerball jackpot up to $250 million

Rundown on how the new Powerball works

Published On: Feb 08 2012 05:59:10 PM EST  Updated On: Feb 08 2012 06:51:32 PM EST

Powerball jackpot up to $250 million

The Powerball jackpot is up to $250 million with the drawing looming Wednesday night.

If you're in the market for millions, check out these tips to learning the Powerball process.

  • The price of a Powerball ticket went from $1 to $2 on January 15. The new pricing structure along with other changes to the game increased overall odds of winning, and made it possible for jackpots to increase in size more quickly.
  • Since the price increase, sales of Powerball tickets in Florida are up 21 percent as compared with similar jackpot run-ups.
  • Powerplay still costs an additional dollar per ticked. Powerplay increases the prize amount for all prizes except the jackpot. The second largest prize is now $1 million (if you match five white balls, but not the red powerball), but with Powerplay it’s $2 million. Florida had its first $2 million winner last Saturday.
  • The last time a Floridian won a Powerball jackpot was Feb. 26, 2011. It was the fourth time someone in Florida won a Powerball jackpot.
  • The $250 million jackpot is paid over 30 years. If you choose to take the cash, you’ll get $156 million.
  •  If you win, lottery officials say the very first thing you should do is to sign your name on the line on the back of the ticket. If you have a ticket with multiple plays, there could be more than one signature line. They say to sign the first line on the back of the ticket. 
  • If you’ve won the jackpot, they recommend taking your ticket to a lottery retailer to validate that it’s really a winner. If it is, you’ll need to take that ticket to the main lottery office in Tallahassee. Of course, you’ll need to bring photo ID – and some information about how you’ll want to be paid such as bank account info.

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