Now that Powerball officials have boosted the jackpot for Wednesday’s drawing to $500 million, the payout would be the nation’s second largest following the record $656 million Mega Millions drawing in March.
Huge ticket sales nationally may push the payout even higher. A single winner choosing the cash payout will take home $327 million before taxes.
With a one in 175 million chance of winning the Powerball — odds are good for Florida lottery players.
According to the Sun Sentinel, Florida has led the country in sales and winners since joining the Powerball competition in 2009.
Record jackpots encourage players who normally sit on the sidelines to play Powerball. Group purchases from work pools also increase substantially.
“Typically, 60% of sales occur the last day,” stated Chuck Strutt, executive director of the Multi-State Lottery Association. “We’ll see how many people decide to play $500 million.”
Based on soaring Sunday and Monday ticket sales, the MSLA decided early Tuesday to raise the Powerball jackpot from an already record $425 million to a whooping half-billion dollars.
And with ticket sales estimating 6.3 million an hour, the jackpot could go up again according to Strutt.
“We’re saying $500 million – it’ll be higher,” says Strutt. “But you’ve got to stop at a number” for marketing purposes.
Lottery experts say there is a 60 percent chance someone will hit the jackpot Wednesday. If not, the next jackpot would exceed $750 million — an all-time record.
The Powerball drawing will take place in Tallahassee Wednesday night.
Bill Lewis is the principal of William E. Lewis Jr. & Associates and host of “The Credit Report with Bill Lewis” — a daily forum for business and financial news, politics, economic trends and issues on AM 740 WSBR in south Florida.