The excitement is growing for the May 7 Powerball jackpot, which has risen to $70 million. The drawing will take place Wednesday at 11 p.m. EDT.

The odds of winning the jackpot, which equates to a $41.5 million cash value, are approximately 1 in 175.2 million. However, players will have a better chance of winning a smaller prize since the odds are 1 in 32.

Winners have the option of either accepting an annuitized prize paid out over 29 years in 30 payments or one lump-sum payout.

It costs just $2 to get in the game, while an additional $1 will allow you to add the Power Play multiplier per play. The $2 tickets allow players to pick five numbers from 1 to 59 and a Powerball number from 1 to 35.

No one won the $60 million Powerball jackpot on Saturday, May 3. The lucky numbers were 5, 15, 16, 46, 49. The Powerball number was 26.

Powerball is played in 43 states in addition to the District of Columbia and the U.S. Virgin Islands. Depending on the state you're in, the draw entry will close either one or two hours before the actual drawing, according to the Powerball website. Powerball winning numbers are drawn live every Wednesday and Saturday night at 11 p.m. EDT.

There are nine ways to win in the Powerball lottery, but players need to match all five white balls in any order and the red Powerball to win the jackpot. Second prize winners who match the five white balls in any order are rewarded with $1 million paid in cash. Any player that matched the red Powerball is also a winner.

You can watch the live streaming of the drawing online or check the Powerball website for the winning numbers.

Powerball draws can also be seen on hundreds of TV stations across the nation. Check here to see what station will broadcast it in your state. Officials will also post the drawings on YouTube.