Looking to win Powerball and become rich instantly? You’re not alone, as everyone and their uncle is talking about the Powerball jackpot, it seems.
Of course, the buzz grows when the jackpot gets bigger; this, in turn, happens when nobody wins the big prize for a while. You might be amazed to learn just how gigantic the prize is now.
At the same time, it’s important to weigh the odds of actually winning the big payout. Could buying lottery tickets actually be a viable investment strategy? Let’s delve into the details and see if there’s a favorable risk-to-reward scenario here.
How Big Is the Jackpot If You Win Powerball?
Do you remember the old show Who Wants to Be a Millionaire? Nowadays, the thought of being a millionaire doesn’t grab the headlines anymore. People dream of becoming a billionaire, not just a millionaire, in the 2020s.
This dream could become a reality if you’re lucky enough to win the Powerball jackpot. The next drawing is scheduled to take place tomorrow, so you still have time to buy tickets for a last-minute entry.
Since nobody has won this lottery round, the big jackpot has grown to a jaw-dropping $1.73 billion. That’s a billion with the letter “b” — and really, it’s pretty close to $2 billion (but be prepared to pay some hefty taxes if you happen to win that amount).
It’s also the second-largest grand prize in the U.S. lottery’s history. Before you get overexcited, though, consider the likelihood of matching all five red numbers plus the white Powerball number and actually winning the $1.73 billion payout. According to the Powerball’s official website, the odds of winning the grade prize are 1 in 292,201,338.
What You Can Do Now
There’s nothing wrong with buying a small number of lottery tickets just for fun and with the expectation that you probably won’t win. With that attitude, there’s everything to potentially gain and nothing substantial to lose.
Additionally, some investors might try to win Powerball as a speculative opportunity. This is fine if it’s done on a small scale and if it’s supplementary to a more prudent investment strategy.
That way, you can still grow your wealth with sensible allocations. Plus, you can have fun with a few dollars and, if you’re really lucky, win the Powerball jackpot.
On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
