$700M Powerball jackpot: 8 things to know for Wednesday's drawing

On a more positive note, your chances for winning an Oscar are one in 11,500 and your chances for penning a best-seller are one in 220. Some experts from Powerball gave "GMA" a little insight on the overall odds of taking home the grand prize. That's the case if you win on an instant lottery ticket or a $1 million prize on Mega Millions or Powerball. Scroll down to read about your odds of winning.

The Iraqi's lottery win was such a unique story that it was reported in the New York Times, the Daily Mail, NBC, CNN, and Associated Press.

Selecting numbers: Once you have chosen Powerball or Powerball with Power Play, picking your numbers is easy.

The Powerball jackpot for Wednesday August 23 is $700 million.

Jim Bulman of Barrow County regularly plays the smaller games like scratch-offs, but he stopped in to the Franklin Gateway Chevron to buy 10 Powerball tickets for his wife, who prefers the bigger odds.

John Ko, owner of P.M. Jacoy's in downtown Spokane, said he can easily sell $2,000 worth of tickets per day when the jackpots get high.

The lottery program in Washington state released a list of almost 50 stores previous year that have sold tickets with "big wins". There were three winning tickets in that drawing from California, Florida, and Tennessee.

Millions of Americans are hoping for some life-altering luck when the Powerball numbers are drawn Wednesday night.

It's also big news for the state's general fund too, because the big jackpots jack up the amount the state collects. Although the $700 million prize is making all of the headlines, that number actually refers to the annuity option, which is doled out in installments over 30 years and significantly less popular than the lump sum option. The hourly sales rate was about triple what it was at the same time Tuesday.

The group all worked together in the shipping department of the Quaker Oats plant in Cedar Rapids when they won a $241 million jackpot in June of 2012.

"It's interesting dynamics", Delacenserie said. The one caveat with these: You must have a valid address in the state you're purchasing from, and you must be physically present there when you click to purchase. "But when it gets this high, people enjoy the entertainment value of thinking about what they'd do with the $700 million".

  • Jon Douglas