BREAKING: Powerball Lottery Jackpot Climbs to $1.6 billion


“Winning Lottery Ticket!” by jmoneyyyyyyy is licensed under CC BY 2.0.

Waking up a millionaire sure sounds great, but it will never happen. That could change this weekend. The drawing for the largest lotto prize to ever exist will take place this Saturday. The jackpot, an estimated $1.6 billion, will thrust an everyday citizen into the world of unimaginable wealth.

The reason for this extremely large jackpot is because there have been almost 40 Powerball drawings since the last winner. The money has continued to grow to the historic amount it is today. Yet, there must be a reality check. Taxes still exist, and a large chuck of the winnings will be allocated for taxes. Taxes are complicated, however, so the exact amount of tax money remains unclear. It is clear, however, that the overall winnings will be below one billion after taxation. Nothing, including taxes, will dampen the joy of whoever becomes the luckiest person on Earth.

What are the chances you become the lucky winner? When it comes to the probability of winning, you might as well round down to zero. For all the optimists out there, the exact chance of winning is about one in 292 million. These odds clearly do not matter as people continue to purchase the two dollar lottery tickets.

Although the Powerball jackpot has reached historical levels, the Mega Millions jackpot is nothing to sneeze at. The drawing Friday night will be for an estimated $119 million. Worth far less than the Powerball lottery, one’s chances of winning must be greater! If only that were true. The probability of striking gold is roughly one in 302 million, but again, the odds do not seem to discourage anyone. Go ahead and buy a ticket, fall asleep, and hope that you wake up a millionaire.