Powerball Fever As Tonight's Jackpot Hits $400 Million - New York News

Powerball Fever As Tonight's Jackpot Hits $400 Million

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Los Angeles, CA -

The Lottery and YOUR BUCKS!

It is POWERBALL night!! Got ur ticket? The jackpot is $400,000,000. The odds of winning 1 in 175,000,000! Good bye money!!! Wait! There is a winner already!!!!

Jeff Bermont couldn't be happier as he tells us "this 400 million dollars for tonight is our 4th largest jackpot." Bermont works for the California Lottery in the Van Nuys office. He says when the jackpots get big more people come into stores, spend money, buy different games and scratchers. Everyone benefits, he says.

… everyone benefits…

At Bluebird Liquors in Hawthorne people waited in line to buy their chance at being rich! This time, though, I didn't want to know how they'd spend their winnings. I asked "Do you know how much money goes to education?" Ticket buyer Amy Smith didn't know. Neither did Jimmy Jones.

Here's the answer. 95 cents out of every dollar goes back into the community. I'll make it clearer In 2013… the CA Lottery took in $4.4 billion dollars of that

$1.3 billion went to education, $2.8 billion went to jackpots and $300 million dollars to various administrative costs.

Or, in other words, out of every single dollar that comes into the lottery 28-cents goes to education, 59 cents to jackpots and the remaining 13-cents to administrative costs.

If you think 1.3 billion is alot think again. The state education budget is $60 billion.

 


 

(FOX 11 / AP) Powerball lottery fever is sweeping the nation as Wednesday's jackpot reaches an estimated $400 million, with a cool $227.8 million one-time cash payout.

The lucky numbers will be drawn at 10.59 pm (ET) tonight. If no one matches all the numbers, the prize potential will continue to grow before the next drawing on Saturday.

And here are five things you should know about Powerball payouts and your odds of winning.

1. Growing into record territory: The estimated $400 million jackpot is the sixth-largest in U.S. lottery history. Impressive, but it may not hold that record in a few years ... or even a few months.

2. Rolling, rolling, rolling: Each drawing without a winner rolls the jackpot over and makes it more lucrative. The current jackpot began its ascent at the end of 2013.

That means it's rolled over more than a dozen times without a top prize winner. If no one strikes it big on Wednesday, the jackpot only gets bigger.

3. Let's say you win: Hold off on that beachfront mansion. Financial experts agree that you should forego large vanity purchases and instead set up annuities and long-term trusts for descendants.

4. You could be a winner even if you don't win the jackpot: You don't have the main Powerball number on your ticket? Don't fret and keep your eyes on those other five numbers.

Match those and you could win a $1 million secondary prize or a $2 million secondary "Power Play" prize if you paid an extra dollar when you bought the ticket.

More than 1,000 ticketholders have won these secondary prizes since 2012. Not a bad deal.

5. But really, you're not going to win: Odds of winning it all are about 1-in-175 million.

Officials over the years have noticed the trend that the larger the jackpot, the more interest in the top prize and a surge in players.

But remember your odds of winning a jackpot of $40 million is the same as if it were the current estimated $400 million.

That's because every time you play, you're still looking to match all five white balls and the red Powerball.

The odds of winning don't change as the jackpot escalates, and they change very little even if you buy 10 tickets instead of one.

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