What are the #Winning Powerball numbers for #August 9? The jackpot now stands a whopping $307 million. If your ticket matches all six numbers drawn on Wednesday night, you will be the lottery’s newest mega-multimillionaire.

Powerball drawings take place on Wednesday and Saturday nights at 10:59 p.m. ET. You can watch the drawing live online on the WRAL website or by downloading the handy LotteryHub app for iPhone and Android devices. Many local TV networks also broadcast the drawing right before the 11 p.m. newscast.

The odds aren't in your favor

The odds of winning are pretty slim — 1 in 292 million! Fortunately, Powerball tickets are just $2 each, so you don't have too fork over a large sum of cash for a shot at becoming a millionaire.

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And if you do beat the odds and win, it would be an amazing return on your $2 investment.

Don't forget, even if you don't win the Powerball jackpot, there are several non-jackpot prizes. Non-jackpot prizes range from $4 for matching just the red Powerball to $1 million for matching all five white balls. If you pay an extra $1 for the Powerball option, the non-jackpot prize will be multiplied by as much as five times its value.

Lump-sum payment or annuity?

Wednesday night's Powerball jackpot stands at $307 million but you will take home a lot less if you win. Jackpot winners can choose between a one-time lump-sum cash payment or a 30-year annuity.

The lump-sum payment is based on the cash value of the jackpot ($193.2 million). Before lottery officials cut the winner a check, they will take 25 percent for federal taxes.

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If you live in a state that taxes lottery winnings, expect your payout to shrink even further.

According to USA Mega, a 30-year annuity will provide you with annual payments of approximately $10.2 million each before taxes. The entire payout is based on the $307 million Powerball jackpot, but you'll have to wait 30 years to get it all. That's why it's always a good idea for lottery jackpot winners to consult a financial advisor before they choose between a lump sum payment and an annuity.

Where are Powerball tickets sold?

The cutoff time for buying a Powerball ticket is approximately one hour prior to the 10:59 p.m. ET drawing on Wednesdays and Saturdays. You can buy a ticket at lottery retailers in 44 States; Washington, D.C., Puerto Rico, and the U.S. Virgin Islands.

If you win the Powerball jackpot, what is the first thing you will do with your cash windfall? #Powerball Numbers