Powerball jumps to $1.7 billion after no one hits jackpot

(NEXSTAR) — The Powerball jackpot has jumped to an eye-popping $1.7 billion, after yet another drawing passed without a big winner Wednesday.

The numbers selected were: 3, 16, 29, 61 and 69, with the Powerball number being 22.

$2 million winners were drawn in Michigan, Oregon, Texas, and Wyoming. $1 million winners were drawn in California (2), Colorado, Florida, Georgia (2), Illinois, Maryland, Minnesota, Ohio and Pennsylvania.

Since May 31, there have been 41 straight drawings without a big winner.

The next drawing will be Saturday night, with the prize expected to be the third-largest in U.S. lottery history.

Powerball’s terrible odds of 1 in 292.2 million are designed to generate big jackpots, with prizes becoming ever larger as they repeatedly roll over when no one wins. Lottery officials note that the odds are far better for the game’s many smaller prizes. There are three drawings each week.

How much you actually get to take home depends on a number of factors. First off, if there are multiple people who match the winning numbers, the grand prize will be split among them. That actually happened in 2016 when a $1.586 billion Powerball jackpot had to be split among three winning tickets: one in California, one in Tennessee and one in Florida.

The next big factor is whether you choose to receive the winnings in one lump-sum payout or over 30 installments. If you choose the former, the estimated cash payout is an estimated $634.3 million this time around.

Finally, you’ll have to fork over at least some of your prize in taxes. Everyone has to fork over a big chunk to Uncle Sam in federal taxes, and most people also have to pay state taxes on their winnings. Only residents of California, Delaware, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming are lucky – they don’t have to pay state taxes on lottery prizes.

Powerball tickets cost $2 and the game is offered in 45 states plus Washington, D.C., Puerto Rico and the U.S. Virgin Islands.

The Associated Press contributed to this report.