Wednesday's Powerball Drawing Could Yield $700 Million Jackpot

Lydia O'Connor
Updated

The drawing for the second largest Powerball prize in the game’s history took place on Wednesday night and the winning numbers were: 6, 7, 16, 23, 26 and the Powerball number 4.

The jackpot was set at $700 million, a few hundred million shy of last year’s record-setting $1.586-billion prize that went to three people from California, Florida and Tennessee.

While chances of bringing home the jackpot ― either as a $443.3 million lump sum or the full amount paid out in 30 payments over 29 years ― were about 1 in 292 million, players had better odds of winning smaller prizes.

Players had a 1 in 11.7 million chance of their ticket numbers matching the numbers on all five regular balls drawn and winning $1 million, and a one in 38 chance of matching the red Powerball drawn and winning $4, according to ABC News.

With tickets priced at just $2, the low-risk-high-reward factor draws in millions of hopeful players. In New York state on Wednesday, people were spending more than $1 million an hour purchasing Powerball tickets.

“Powerball fever has once again arrived in New York State, and we are excited for all our players,” Gweneth Dean, director of the state’s Division of the Lottery, told The New York Daily News.

It’s one of 44 states that participate in the game, as well as Washington, D.C., Puerto Rico and the U.S. Virgin Islands. While 50 percent of lottery revenue goes to winners, the other half is allocated to participating states, which spend about 29 percent of it on education, an assessment by Fortune found last year.

A screen displays the value of the Powerball jackpot at a store in New York City on Wednesday.  (Photo: Brendan McDermid / Reuters)
A screen displays the value of the Powerball jackpot at a store in New York City on Wednesday.  (Photo: Brendan McDermid / Reuters)

But in the long-run, the revenue may not make a real dent in state spending. Studies of how states spend lottery money have found that after a few years of participating, states begin using lottery money to replace traditional funding sources, not booster them.

And that money is coming from those with the least to spare; Powerball ticket purchases come overwhelmingly from low-income communities, other studies have found.

UPDATE: This story was updated to include the winning numbers.

Also on HuffPost

Love HuffPost? Become a founding member of HuffPost Plus today.

15,000 life-size replicas of a T. rex skeleton

... Or 179 versions of the real thing

In 1997, the Field Museum of Natural History in Chicago paid $8.36 million at auction for "Sue," one of the largest, most extensive and best preserved Tyrannosaurus rex specimens ever found.
In 1997, the Field Museum of Natural History in Chicago paid $8.36 million at auction for "Sue," one of the largest, most extensive and best preserved Tyrannosaurus rex specimens ever found.

150 million clip-in man buns

<a href="http://www.huffingtonpost.com/entry/clip-in-man-bun-groupon_5641f766e4b0307f2caedcb6">Buy</a>&nbsp;all the man buns so that no one can ever use them again.&nbsp;
Buy all the man buns so that no one can ever use them again. 

503,355,705 boxes of Rice Krispies Treats cereal

At just under $3 a box, you'll have enough of the best cereal in the world for this lifetime and the next.
At just under $3 a box, you'll have enough of the best cereal in the world for this lifetime and the next.

8,379,888 Han Solo jackets

Ever heard of the Millennium Falcon? Well, this is what the captain <a href="https://www.fjackets.com/buy/Han-Solo-Star-Wars-The-Force-Awakens-Jacket.html" target="_blank">wears</a>.
Ever heard of the Millennium Falcon? Well, this is what the captain wears.

5,415 bottles of 1947 Cheval Blanc (aka the most expensive wine ever sold) in today's dollar

There aren't actually that many bottles of the&nbsp;<a href="http://www.telegraph.co.uk/news/newstopics/howaboutthat/8138500/304375-bottle-of-Cheval-Blanc-sets-new-world-record.html" target="_blank">pricey</a>&nbsp;vintage available, but remember: fantasy.&nbsp;

375 million slices of artisanal toast

You're rich now, so you should probably know that artisanal toast <a href="http://www.businessinsider.com/we-tried-the-fancy-4-toast-san-francisco-is-going-crazy-for-2015-6" target="_blank">is a thing</a>.
You're rich now, so you should probably know that artisanal toast is a thing.

... Or 21,428, 571 selfie toasters

Save money! Make your own <a href="http://www.hammacher.com/Product/87141" target="_blank">toast at home!&nbsp;</a>
Save money! Make your own toast at home! 

The Baltimore Ravens

<a href="http://www.forbes.com/pictures/mli45fdkgi/24-baltimore-ravens/" target="_blank">Forbes</a> placed the NFL team's value at $1.5 billion in 2015 and you&nbsp;<i>don't&nbsp;</i>want to be the only one in the billionaires club who&nbsp;<i>doesn't</i> own a professional sports franchise.

9 private islands

This 110-acre beauty in Thailand is a <a href="http://www.privateislandsonline.com/islands/rangyai-island" target="_blank">steal</a> at just $160 million!
This 110-acre beauty in Thailand is a steal at just $160 million!

25 'Balloon Dog' sculptures

Jeff Koons' "Balloon Dog (Orange)" sold at auction for $54.8 million.
Jeff Koons' "Balloon Dog (Orange)" sold at auction for $54.8 million.

33 Stradivarius violas

With these violas, created in 1719, you'll definitely have the most vintage <a href="http://www.bloomberg.com/bw/articles/2014-06-24/45-million-stradivarius-would-set-new-record-price-for-instruments" target="_blank">instrument</a> in your rich person's garage orchestra.

This article originally appeared on HuffPost.