Tonight’s Powerball jackpot: A cool half-billion

Wednesday night ‘s Powerball jackpot has been increased to $500 million, still the third-largest in the game’s history and fifth-largest ever in North America, Oregon Lottery officials said..

Here are some interesting points for this Powerball jackpot:

*World record jackpot: $656 million Mega Millions won in March 2012)

* Players have two choices on how to take the jackpot prize:
o 30-year annuity = over $11.1 million per year (after Federal and State withholding taxes)
o One-time cash payment = over $226.3 million (after Federal and State withholding taxes)

* What if you win?
o Sign your ticket
o Consider putting together a trusted “team” consisting of a lawyer, financial planner and accountant
o Call the Lottery office
o The winner has one year from the date of the ticket’s drawing to validate the winning ticket

* The drawing is at 7:59 PM every Wednesday and Saturday . Players are able to buy tickets until 7 PM on drawing nights.

* Oregon is one of 46 lottery jurisdictions who offer Powerball.

* There have been four Oregon Powerball jackpot winners
o The West and Chaney families of Medford won $340 million in October 2005 (currently the 8th largest Powerball jackpot)
o Dan Gannon of Milwaukie won $182.7 million jackpot in March 2007
o The Givens family of Eugene, winners of a $38.4 million prize in October 1992
o Robin Powell of Beaverton, a $33.8 million winner in July 1999

Since the Oregon Lottery began selling tickets on April 25 , 1985, it has earned over $9 billion for economic development, public education, state parks and watershed enhancements. In that same period, it has paid its players more than $28 billion in prizes.