The Powerball jackpot has reached an estimated $700 million after no tickets matched all winning numbers in Wednesday's drawing. This marks the largest jackpot of the year and the 36th consecutive drawing without a grand prize winner since a $204.5 million ticket was claimed in California on May 31.

The winning numbers drawn on Wednesday were 31, 59, 62, 65, 68, and Powerball 5. While no one won the jackpot, several other prizes were awarded. A ticket sold in Tennessee matched five numbers and included the Power Play option, resulting in a $2 million prize. Additionally, two tickets from Michigan and Oklahoma matched five numbers, each winning $1 million.

In Pennsylvania, two tickets won $50,000 by matching four numbers plus the Powerball. One of these was from the standard drawing, while the other was from the Double Play drawing. Overall, more than 60,000 players won smaller prizes ranging from $4 to $500.

Players have the option to choose between receiving the full jackpot in annual installments over 30 years or a one-time cash payment of $316.3 million before taxes. If the cash option is selected, the amount would be reduced to approximately $240.4 million after a mandatory federal withholding of 24%. For those opting for the installment plan, annual payments would be about $23.3 million, which could drop to $14.7 million after applying the 37% federal marginal tax rate.

The next Powerball drawing is scheduled for Saturday at 10:59 p.m. ET. Tickets are available for $2 in 45 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. Some states also offer online purchasing options. For an additional dollar, players can add the Power Play option, which multiplies non-jackpot prizes by up to five times. In select states, a separate Double Play option allows participants to enter a second drawing for a chance to win up to $10 million.