Giant Lottery Jackpots Up For Grabs: What Are Your Odds?
By Zahra Huber, WWJ Newsradio 950
DETROIT (WWJ) - Wednesday's Powerball jackpot stands at $307 million. It's been growing since June 10, which is the last time someone won the Powerball. The chances of winning the Powerball are quite low: one in 292,000,000.
Just how much is $307 million?
"If somebody were to win that and decide to spend $1,000 an hour, it would take them nearly 35 years to spend that much money," Michigan Lottery spokesman Jeff Holyfield told WWJ's Zahra Huber.
Believe it or not, that much money weighs quite a bit.
"You've heard the expression 'a ton of money.' According to the U.S. Treasury, 908,000 dollar bills is a ton of money," said Holyfield. "So what that would work out to is $307 million would be 479 tons of money."
The cash option for the big prize would be about $193 million, which is still a large lump of cash.
"Many people first pay off their bills and mortgage and then go off and have the time of their lives," said Holyfield. "This gets into private jet, private island, and multiple mansion territory, that's for sure."
There's usually a theme when it comes to the winners and what they plan to buy, according to Holyfield. That theme includes a new house and cars, and vacations.
The Michigan Lottery does a lot more than make people rich. It also gives millions of dollars to the state's school aid fund. Last year, they provided $890 million to the fund, about $580 for each child in Kindergarten through 12th grades.
"Our primary mission is support public education," said Holyfield.
Friday's Mega Millions jackpot is $382 million. The chance of winning that money: one in 259,000,000.