The Powerball jackpot has soared to an astounding $700 million after no one claimed the prize on Wednesday.

Once again, the night has passed in the United States without a Powerball victor. This absence of a winner has caused the jackpot to skyrocket to an astounding $700 million. The magic numbers of 31, 59, 62, 56, 68, and the red Powerball 5 didn’t match any ticket, according to the lottery officials. Whoever eventually claims this colossal prize will face a tantalizing choice: take home a series of payments over 30 years or walk away with a one-time, lump sum payment of $316.3 million, which is often the path most winners choose.

Once federal taxes are paid, the lump sum dwindles to $240.4 million, and it might shrink further to $199.3 million due to the federal marginal rate applied to taxable income. State taxes could also take a slice. Despite this, the allure of massive Powerball prizes keeps hope alive and people participating. While choosing a lump sum might seem like a tax disadvantage, there are sound reasons for it. Some worry that an early death could complicate their heirs' claims or provoke family disputes over the winnings. Moreover, since inflation erodes money’s buying power, receiving a larger amount upfront allows individuals to invest in stocks and other assets, potentially providing greater financial security. Many simply don't trust leaving such a large sum with the lottery for years, even though the process is legally safeguarded. Consider the Texan winner who battled for months to receive her payout. As the Wednesday draw wraps up, anticipation builds for Saturday, August 23, with an expected jackpot surpassing $750 million. Although it hasn't surpassed the $1.59 billion record from January 2016, it edges closer to some of history’s largest prizes. Prize pools might swell even further since ticket prices are set to climb, much like they did with Mega Millions.