Tickets will also be on sale for Friday's Mega Millions jackpot, which now stands at an estimated $393 million.
Lottery officials say that for both games to have such large jackpot at the same time is unusual. The cash option for that jackpot rings up at $238.3 million.
The jackpot was last won on April 28, when a $61 million prize was awarded in California.
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If you decide to go for it, Mega Millions tickets will cost you $1 each.
Prizes are based on annuity options, paid over 29 years.
"Winning both jackpots is something fun to daydream about, but it's perhaps the ultimate long shot", Iowa Lottery CEO Terry Rich said.
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The winning numbers in Wednesday evening's drawing of the "Powerball" game were: 12-30-36-47-62, Powerball: 9, Power Play: 4 The estimated jackpot is $307 million. The Mega Million odds are slightly better - only 1 in 259 million.
1 in 75 quadrillion.
To put that in perspective, those odds are about 6,000 times worse than the odds experts have calculated of being killed by a meteorite strike - at the same time you're being attacked by a shark.
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