Powerball jackpot increases to $502 million for Monday's drawing
MIAMI - You have half a billion reasons to plunk down a couple of bucks for Monday's Powerball drawing.
The estimated jackpot has increased to $502 million. It has a cash value of $271.1 million.
The odds of winning the Powerball jackpot are 1 in 292 million, and there isn't much a player can do to increase those chances, according to one expert.
Sure, buying multiple tickets at once does increase a player's odds slightly, but that strategy also requires spending more upfront while running the risk of having to split the payout with another winner, according to Harvard University statistician Mark Glickman.
"Even if you're buying 50 tickets, the likelihood is that you're almost certain to still lose and not win the jackpot," Glickman said. "In fact, the chance at winning even $4 by playing is still pretty small."
The odds of winning a lesser prize are a little better - 1 in 24.9.
Powerball drawings are broadcast live every Monday, Wednesday, and Saturday night from the lottery draw studio in Tallahassee.
Tickets cost $2 each.
You can watch the drawing live at 10:59 p.m. on CBS4, your official Florida Lottery station.