The Odds of Winning a Lottery Jackpot

If you’ve seen the news or read the books about winning the lottery, you know the odds of getting a big jackpot are slim. That’s because the odds of winning a prize are usually based on how many people play the game and how much money is in the pool for each number combination.

To win a jackpot, you have to match five numbers between 1 and 70 and one number between 1 and 25 (or let the lottery folks generate the numbers for you). The odds of winning Powerball are 1 in 303 million.

You can buy Powerball tickets in 45 states, as well as Washington, D.C. and Puerto Rico. The drawing takes place twice a week, on Tuesdays and Fridays.

When you win the jackpot, you have a choice: You can take the entire lump sum in one payment or choose annuities that pay out over three decades. Choosing the annuity option is typically more profitable from a purely financial standpoint, says Lisa Kirchenbauer, founder and president of Omega Wealth Management in Arlington, Virginia.

A Lottery’s Odds Have Changed

Both the Mega Millions and Powerball lottery have changed their odds in the last few years. They now give players a 1-in-300-million chance of winning, compared to a 1-in-292-million probability in the past. That’s because lottery operators have found the sweet spot where they can maintain a reasonable level of sales and still offer high odds, Matheson explains.