Powerball jackpot jumps to $700 million

NEW YORK (WABC) -- The jackpot for Wednesday's night's Powerball jackpot continues to climb, now worth an estimated $700 million.

The jackpot is the second largest in U.S. history.

Lottery officials raised the expected jackpot Tuesday, pushing it past a $656 million Mega Millions jackpot won in 2012 by three people.

The prize for Wednesday's drawing has grown so massive because it's been more than two months since a jackpot winner, on June 10.

The jackpot remains far less than the record $1.6 billion prize won by three people in January 2016.

Every Wednesday and Saturday night people across the U.S. have the chance to become millionaires with Powerball.

The latest $700 million prize refers to the annuity option, paid over 29 years. The cash option would be $443.3 million.

The odds of winning the Powerball jackpot is one in 292.2 million.

Powerball is played in 44 states, as well as Washington, D.C., Puerto Rico and the U.S. Virgin Islands.

You can see Wednesday's drawing on abc7ny.com and on Channel 7 right before Eyewitness News at 11.