If somebody does hit the jackpot, chances are they will choose the lump sum option. For the current jackpot, the lump sum is $707.9 million. Just don’t expect to take nearly that much money home.

The Powerball jackpot has reached the $1 billion mark, an astounding total and the third-largest in the game's history. And while winners will still be fabulously wealthy, they'll take home a ...