Powerball jackpot nears half a billion dollars for Saturday drawing
MIAMI - First it was the Mega Millions jackpot. Now interest is turning to Powerball as its jackpot approaches half a billion dollars.
For Saturday night's drawing, the estimated jackpot is $473 million. It has a cash value of $255.7 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, Harvard University statistician Mark Glickman told CBS News.
"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 is 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.