Powerball jackpot set at $500 million

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CHICAGO - Central Illinois residents will have a chance to win the third-largest Powerball jackpot of all time during Wednesday night's drawing.

Officials for the multi-state lottery game say the jackpot is currently sitting at $500 million.  If someone is lucky enough to win the jackpot, they could take home the money or installments, or get a one-time cash payment of $337.8 million, or $240.7 million after withholding.  Powerball officials also say that the game has contributed an estimated $120 million to the Illinois Common School Fund and Capital Projects Fund.

Illinois residents ages 18 and over can participate in the drawing.  Sales for Wednesday's drawing will be stopped at 8:59 p.m., with the drawing being held at 9:59 p.m.

The odds of winning the jackpot are 1 in 175,223,510.

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