MIAMI (CBSMiami) – With the next drawing of Powerball soaring to near record heights, South Floridians are joining in the frenzy.
Wednesday’s Powerball drawing is an estimated $400 million jackpot, the sixth-largest in U.S. lottery history.
The current jackpot has rolled over more than a dozen times without a top prize winner. If no one strikes it big on Wednesday, the jackpot only gets bigger.
But what are the odds of actually winning? How about 1-in-175 million.
Officials over the years have noticed the trend that the larger the jackpot, the more interest in the top prize and a surge in players. But remember your odds of winning a jackpot of $40 million is the same as if it were the current estimated $400 million. That’s because every time you play, you’re still looking to match all five white balls and the red Powerball. The odds of winning don’t change as the jackpot escalates, and they change very little even if you buy 10 tickets instead of one.
The lucky winner of the $400 million jackpot could select to take the jackpot in 30 annual payments or chose a one-time cash option. That would reduce the winnings to about $228 million before taxes.
(TM and © Copyright 2014 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2014 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)