PHOENIX (Reuters) - Winning tickets bought in Arizona and Missouri matched numbers drawn for a record Powerball lottery jackpot of $588 million, the Multi-State Lottery Association said.

Holders of the two winning tickets in the Wednesday night draw will share an estimated $385 million if they opt to take it as a lump sum. Alternatively, the $588 million can be paid out as an annuity over three decades, the association said.

(This story corrects by deleting "after tax" in second paragraph)

(Reporting by Tim Gaynor; Editing by Eric Walsh)