$700M Powerball prize latest in string of giant jackpots

DES MOINES, Iowa (AP) — Another giant lottery prize is up for grabs. This time, it’s an estimated $700 million Powerball jackpot drawing on Saturday night. The prize ranks at the 10th largest in U.S. lottery history. It comes on the heels of a $1.35 billion Mega Millions prize won less than three weeks ago and a record $2.04 billion Powerball jackpot won last November. The prizes grow so large because the odds of winning them are so long, at one in 292.2 million for Powerball. The $700 million prize is for a winner who chooses to be paid over 29 years through an annuity. Nearly all jackpot winners prefer a one-time check, which for Saturday’s drawing would be an estimated $375.7 million.