The Powerball jackpot has risen to $1.23 billion after no ticket won the $1.09 billion jackpot.

Just over a week after the winning ticket was sold for Jackpot of $1.13 billion, no tickets won the $1.09 billion jackpot Wednesday night. So, at least $1.23 billion worth of gold will be up for grabs in the upcoming Powerball drawing on Saturday night. The amount may increase as the number of tickets consumed increases.

Saturday's jackpot will be the fourth-largest ever for Powerball and the eighth-largest in U.S. lottery history.

The winning numbers for Wednesday night's Powerball drawing were 11, 38, 41, 62, 65 and Powerball 15.

The grand prize winner will have the option to distribute the money in one immediate payment followed by annual payments over 29 years or one lump sum payment of approximately $527.3 million.

All prize amounts are before taxes.

The estimated cash value of Saturday night's jackpot is at least $595.1 million.

The last Powerball jackpot came on New Year's Day, when a single ticket in Michigan claimed the jackpot numbers of $842.2 million.

Players win the jackpot by matching all five white balls and the red Powerball ball. The odds of winning the Powerball jackpot are about 1 in 292.2 million, according to Powerball, but there are smaller prizes available. The chances of winning any prize smaller than $4 are 1 in 24.87.

Powerball tickets are $2 each. It is sold in 45 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.

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