Powerball jackpot climbs to $1.2 billion ahead of Wednesday's drawing

An estimated $1.2 billion jackpot is up for grabs in the next Powerball drawing on Wednesday night.

It's now the third-largest purse in the American lottery game's history and the biggest so far this year.

It's also the seventh-largest U.S. lottery jackpot ever, according to a press release from Powerball.

The grand prize, which has an estimated cash value of $551.7 million, continued its ascent through billion dollar territory after no ticket matched all six numbers drawn on Monday night

However, two tickets -- purchased in Delaware and Michigan -- matched matched all five white balls to win $1 million prizes.

Two other tickets -- sold in New York and South Carolina -- matched all five white balls and won $2 million prizes by including Power Play

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