Here's everything you need to know about tonight's $700 million Powerball drawing

The jackpot for Wednesday night's Powerball has hit $700 million.

The drawing will occur on Wednesday, August 23, at 10:59 p.m. Eastern Time (ET).

Powerball drawings occur every Wednesday and Saturday at 10:59 p.m. ET. There have been 21 consecutive drawings without a winner, with the last drawing taking place on August 19.

The Powerball website has a list of what TV stations are airing the drawing Wednesday night. Powerball will also stream a video of the drawing, which takes place in Tallahassee, Florida, on its website.

In Powerball, organizers draw five white balls from a drum of 69 balls and one red ball - the "powerball" - from a drum of 26. Each $2 ticket lists five numbers between 1 and 69 and one between 1 and 26. Players can choose their own numbers to appear on the ticket, or have the numbers chosen randomly via the "Quick Pick" option.

A player will win the $700 million jackpot if their ticket matches all five numbers (in any order) and the red powerball drawn on Wednesday night.

If no one wins on Wednesday night, the next Powerball drawing will be on Saturday, August 26.