Powerball jackpot hits $1.73 billion, 2nd largest in US history

A staggering $1.73 billion is up for grabs later Wednesday in the second-largest US Powerball jackpot prize in history.

The prize increased from $1.57 billion after there was no winner during a drawing Monday night.

But four tickets won $1 million apiece in the states of California, Indiana, Oregon and Virginia after they matched all five white balls, except the sixth red ball, according to Powerball.

"With every ticket purchased, the jackpot grows larger, and so are the funds being raised for good causes supported by U.S. lotteries," Drew Svitko, Powerball Product group chair and Pennsylvania Lottery executive director, said in a statement.

If someone wins the jackpot Wednesday, he or she will have the choice between an annuitized prize worth an estimated $1.73 billion or a lump sum payment estimated at $756.6 million -- both options are before taxes, it said.

"If the winner selects the annuity option, they will receive one immediate payment followed by 29 annual payments that increase by 5% each year," it added.

The probability of matching all six numbers on a single ticket is 1 in 292 million. Tickets cost $2 per game.

A Powerball jackpot worth $1.08 billion was won July 19 on a ticket in California. Since then, there have been 30 consecutive drawings without a grand prize winner.

The biggest Powerball jackpot was $2.04 billion Nov. 7, 2022 -- won in California.