Only on a handful of occasions has the Powerball been higher than $500 million. The next drawing, set for tomorrow night, is estimated to be a cool $700 million, according to USA Today. This will be the second highest jackpot of all-time. If there was ever a good time to buy tickets, this would be it. The last Powerball jackpot was several months ago and it is now ripe for a major payout.
Popularity grows when potential large jackpots are available. This is good news. Although unproven, studies suggest there is a probability that as the jackpots increase, the likelihood of a jackpot winner improves. This leads to positive press. Good press generally leads to more lottery ticket sales, and as a result, the higher the jackpots go.
If there is a lucky winner on Wednesday, they will instantly experience the earned wealth of celebrities like Howard Stern, James Cameron and P. Diddy.
What Are the Odds of Winning the Powerball?
Let’s just say they are in your favor. Chances of winning are approximately 1 in 292 million. At least you can exclude the 13 million citizens of Alaska, Hawaii, Utah, Mississippi and Alabama where there is no lottery.
What Are Some Tips For Winning?
Take advice from someone who has won 7 times. Choose your own numbers and don’t let the machine choose for you. Check which numbers have won in the past and see if any of your numbers have a history of winning. Lastly, buy as many tickets as you can afford. Obviously, the more you buy, the more you have a chance to win.
What does a billionaire advise if you are lucky enough to win? Here’s what Mark Cuban has to say.
When Will the Lotto Drawing Take Place?
The drawing is scheduled for 10:59 E.D.T. in Tallahassee, FL.
How Much Will I Have to Pay in Taxes If I Win the Lottery?
Federal taxes will take 25% of the total amount. This is around $170.5 million! But that’s not all. Your state will also take a percentage of your winnings. Winners in California and Texas are exempt from state taxes.
What Happens If No One Wins on Wednesday?
The jackpot continues to grow until someone wins. The next drawing will be held Saturday, August 26. Will there be a new record jackpot up for grabs? Stay tuned!