Millions of Americans are hoping that Lady Luck will favor them in today’s Powerball Jackpot which at $700 million is the second largest jackpot ever launched by Powerball.
The jackpot has been raised to $700 million this week from last week’s price pool of $535 million since there were no winning tickets last week. The massive amount to be won is the second largest Powerball Jackpot ever, after the $1.56 billion Powerball jackpot of January 2016. The winner of the jackpot has the option of receiving the $700 million in annual installments that will be spread out over the next 29 years or walking away with a one-time payment of $443.4 million.
“More tickets are expected to be sold in the four-day period leading up to Wednesday night’s drawing,” said Multi-State Lottery Association spokeswoman Anna Domoto.
The odds of winning the lottery are very low
The chances of a win by a single person were 1 in 175 million just two years ago. However, the Multi-State Lottery Association now claims that the chances of winning the Powerball lottery are 1 in 292.2 million. These odds are very low and might seem very discouraging but a win would be life-changing and most Americans are willing to try out their luck. The organization also noted that the odds of winning to don’t change even if the size of the jackpot changes.
The lower odds of winning came about in October 2015 after the organization increased the number of balls in the draw from 59 to 69. Players only need to pick 5 balls but the increased number of balls means the chances of the 5 being correct would be lower than previously were.
Despite the changes, the number of people buying the lottery tickets surprisingly went up but this was due to social media posts and media reports about the lottery. This is great for the lottery organization because it means more revenue for them. The North American Association of State and Provincial Lotteries revealed that the total national lottery ticket sales were worth more than $80 billion in 2016, meaning they made a killing compared to the lottery payout.