Powerball jackpots to $500 million! You hear about these massive jackpots all the time now. There was a time when $1 million was a huge sum. Not anymore. Imagine the frenzy. Imagine walking away with a cool $200 million.
Lottery operators now know that when the jackpot rises to unimaginable amounts, every man and his dog wants a share of it. It matters not that the odds of hitting the jackpot is many times lower than the odds of being struck by lightning.
In recent times, a lot of lotteries have been re-designed to make it so much harder to win. The intention is to have the jackpot roll over multiple times until it reaches an unbelievable figure. Some lucky player or players will win it eventually but, until then, everyone else is hoping beyond hope that they will strike it rich.
How hard is it to win the jackpot? Well, there are 292,201,338 possible combinations in the US Powerball lottery. The odds of winning the jackpot is a staggering 1 in 292,201,338. The average person will never in their lifetime win the jackpot. They will not even come close.
The good news is, I can guarantee you will win the Powerball jackpot. Mathematically, you can do so by playing all the 292,201,338 possible combinations. One of these combinations will surely be drawn and you will be guaranteed to win the jackpot. Sounds easy, doesn’t it?
The bad news is that it costs a lot of money to play all the combinations. Each ticket costs $2 and it would cost $584.4 million to cover all the combinations.
On 13 January 2016, the Powerball jackpot went to a record $1.6 billion. It took twenty rollovers for the jackpot to reach that sum. There were three lucky winners and each winner, if they chose to take the winning as a lump sum, would take home $187.2 million. This is after a 39.6% federal income tax.
If you are a billionaire and you had played all the possible combinations, you would have lost $397.2 million. Even if you were the sole winner, you would still have lost $22.8 million. Granted these calculations do not take into account the value of the non-jackpot prizes, but they are insignificant in the scheme of things.
I did warn you that you would not like what you read!