ALL NEW: Lottery Reaches $320 Million

, Posted: Wed, August 15 2012 at 8:07 AM, Updated: Wed, August 15 2012 at 8:13 AM

The jackpot for Wednesday's  drawing of Powerball has reached $320 million.

It's now the fourth highest ever for the multistate lottery that includes Oregon.

If no winner is drawn Wednesday night, the jackpot is expected to set a record for the game of around $400 million.

If a winner is drawn, they have the option of taking a net cash payment after taxes of more $142.9 million... or the yearly-prize option after taxes of more than $7.1 million annually over 30 years.

The powerball drawing is scheduled for Wednesday night, at 7:59 PM.

Ticket sales close at 7 PM, so if you want in, be sure to make the deadline!

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