News

Actions

Powerball jackpot soars to $500 million

Posted at 8:34 PM, Jan 06, 2016
and last updated 2016-01-06 21:35:18-05

The Powerball jackpot has climbed to an estimated $500 million as more people across the country buy a chance at the biggest prize in nearly a year.

Officials with the Multi-State Lottery Association raised the jackpot estimate from $450 million due to strong sales before Wednesday night's drawing.

The drawing is scheduled at 9:59 p.m. Players can purchase tickets until 8:59 p.m.

The jackpot ranks as the sixth largest offered in North America and the biggest since a $564.1 million Powerball prize shared by players from North Carolina, Texas and Puerto Rico last February.

A winner of Wednesday's jackpot could claim the pre-tax $500 million prize through an annuity over 29 years or in a single pre-tax payout of $306 million.

The odds are one in 292.2 million, which means you're really, really, really unlikely to win. For some comparison, your chance of being struck by lightning in a year is about one in 960,000. But as lottery officials often note, you have no chance of winning if you don't buy a ticket.
Some players feel they increase their odds of winning by pooling their money with co-workers, with a promise to split the winnings. Joining with colleagues and friends can increase the fun of playing, but the odds of winning are so tiny that adding 50 or 100 chances doesn't matter much. Lottery officials recommend that if people pool their money, they put down rules in writing for splitting the prize, as it's easy for misunderstandings to crop up when hundreds of millions of dollars are at stake.

The Associated Press and NBC News contributed to this report.

Stay in touch with us anytime, anywhere.

Download our free app for Apple and Android and Kindle devices.

Sign up for newsletters emailed to your inbox. Select from these options: Breaking News, Severe Weather, School Closings, Daily Headlines and Daily Forecasts.

Follow us on Twitter

Like us on Facebook