Odds of Winning the Powerball Jackpot
Written By: Joe Melillo
Twin Tiers (WENY) - The Powerball jackpot is up to $500 million and if you think the dollar figure is breathtaking, wait till you hear about your odds of winning it all. First Mega Millions, now Powerball, for the second time in a year's time, a record lotto jackpot will be paid out to anyone lucky enough to have those six magical numbers being drawn Wednesday. Half of a billion dollars are up for grabs, leaving anyone who bought a ticket wondering: do I have a chance. Christine Sterner a Sophomore at Elmira College is dreaming of big money.
“Pay off the rest of my tuition, buy a car, donate a good portion of it,” says Christine.
It's easy to dream about winning the lottery and what you'd do as a millionaire, but actually winning it is another story. If we work out the basic equation of winning the Powerball jackpot Wednesday, chances of winning are 1 in 275,223,510. Charlie Jacobson, an Assistant Professor of Mathematics at Elmira College, put the odds into perspective.
“Winning is very unlikely. You get your ticket you hope you win and its fun to dream but its very unlikely, and it would be a horrible retirement plan.”
Nolan Pratt a Math Major at the college is still not scared by the odds.
“Absolutely I'm going to by a ticket,” says Nolan. “Me and my roommates we're going to buy it then move to Colorado and ski big mountains all day.”
Nolan is like many of us, beat the system by buying as many tickets as possible with some friends, sounds like a good idea, right?
“I mean we've been living together for two years now so we have a pretty strong trust for one another so its understood,” says Pratt.
People in a lottery pool may be your "friends" but here are some tips so you get your share of the dough. Select a leader, and make sure the rules are set before the lottery drawing. The leader should make a copy of all the tickets and hand each participant their own copy. Despite the tremendous odds a Math Major and a proffessor betting on luck.
“I'm not getting my hopes up because I know I'm not going to win but there's still a small chance and I'll take that chance,” says Pratt.
“If I won something like that I would use it for some charitable work where I feel like it was making a difference,” says Jacobson.
There hasn't been a Powerball winner since October 6th. The drawing is for $500 million Jackpot is Wednesday night at 10:59.