Everything to know for the next Powerball drawing as jackpot hits $1 billion

An estimated $1 billion jackpot is up for grabs in the next Powerball drawing.

It's the third-largest purse in the game's history and the seventh-largest U.S. lottery jackpot, according to a press release from Powerball.

The grand prize has an estimated cash value of $516.8 million, Powerball said.

Here's everything you need to know.

What days are the Powerball drawings and when is the next one?

Powerball drawings are broadcast live every Monday, Wednesday and Saturday at 10:59 p.m. ET from the Florida Lottery draw studio in Tallahassee. The drawings are also livestreamed online at Powerball.com.

The next drawing is on Wednesday, July 19.

Where are Powerball tickets sold and how much do they cost?

Powerball tickets cost $2 and are sold in 45 U.S. states as well as Washington, D.C., Puerto Rico and the U.S. Virgin Islands. In Idaho and Montana, Powerball is bundled with Power Play -- a feature that allows a winner to multiply the original amount of non-jackpot prizes -- for a minimum purchase price of $3 per ticket.

More than half of all proceeds remain in the jurisdiction where the ticket was purchased.

Can Powerball tickets be purchased online?

Players can buy Powerball tickets in person from retailers in authorized participating U.S. states. In certain U.S. states, Powerball tickets can be purchased online through the state lottery agency.

Players can also take part through online lottery ticket company Jackpot.com by going to the website or downloading the mobile app.

What are the odds of winning the Powerball jackpot?

The Powerball jackpot grows based on game sales and interest, but the odds of winning the big prize stays the same -- 1 in 292.2 million.

Jackpot winners can either take the money as an immediate cash lump sum or in 30 annual payments over 29 years. Both advertised prize options do not include federal and jurisdictional taxes.

All winning tickets must be redeemed in the jurisdiction in which they are sold.

How to play Powerball

Select five numbers between 1 and 69 for the white balls, then select one number between 1 and 26 for the red Powerball. Choose the numbers on a play slip or let the lottery terminal randomly pick them.

Add the Power Play feature for an additional $1 to multiply non-jackpot prizes by two, three, four, five or 10 times. The multiplier number is randomly selected before each drawing.

The 10-times multiplier is only in play when the advertised jackpot annuity is $150 million or less, while the Match 5 prize with Power Play is always $2 million.