Powerball jackpot rises to $360 million for Saturday's drawing

Powerball jackpot rises to $360 million for Saturday's drawing

MYRTLE BEACH, SC (WMBF) – The Powerball jackpot is now at $360 million for Saturday's drawing, the largest payout in a year, according to lottery officials.

The odds of winning the seventh-largest jackpot in Powerball history are about 1 in 176 million. A South Carolina resident hasn't celebrated a jackpot win in nearly two years, states a news release from the South Carolina Education Lottery.

Seven percent of Saturday's jackpot would go to the state, and the federal government would keep 25 percent.

"At the end of the day, when the jackpot excitement has passed, the real winner here is education," said Lottery Executive Director Paula Harper Bethea. "The Lottery was established with the sole purpose to generate revenue to underpin education, and we have committed $3.6 billion to the State. This jackpot run will allow us to transfer even more."

The winner would have the option to take a $250 million cash payout, or an annuity plan that would pay the full jackpot out in 29 installments over 30 years.

The drawing will be broadcast at 10:59 p.m. Saturday on WMBF News.

Powerball tickets are $2 each, and the South Carolina Education Lottery urges responsible play.

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