Powerball Jackpot Tonight Reaches $550 Million

Powerball tickets have been selling at a rate of 130,000 per minute nationwide today, as Americans prepare for tonight’s $550 million drawing—the second largest jackpot in US history. The monumental jackpot—reached from the lottery rolling over 16 consecutive times with no winner—has inspired people who rarely play the lottery to purchase tickets. In fact, according to the Multi-State Lottery Association, ticket sales are about six times their volume one week ago, reaching 100 tickets sold per minute yesterday. Powerball officials believe there is now a 75 percent change the winning combination will be drawn tonight.

The increased number of tickets may increase the odds of a winner being drawn, but it certainly doesn’t increase an individual’s odds of winning. They remain at about 175 million-to-1, according to Powerball. Plus, after taxes, $550 million amounts closer to $360 million—still more than most people can ever imagine having in the bank.

Although the focus is accurately placed on the jackpot, Powerball also offers smaller prizes, including a $1 million second prize for matching five numbers. Not too shabby, and the odds are vastly better at 5 million-to-1.

But according to CNN, millions in non-jackpot lottery prizes go unclaimed each year. According to Chuck Strutt, executive director of the Multi-State Lottery Association, of the almost $40 billion in U.S. lottery prizes awarded last year, about $800 million wasn’t collected.

“It’s important that everyone check their numbers, even if they know they didn’t win the jackpot,” Strutt told CNN. “There are significant number of people buying tickets who don’t know there are secondary prizes. And when we get a big prize like $550 million, many people buy tickets who haven’t bought before.”

Powerball tickets will remain on sale until 10:45 p.m. Eastern Time tonight, although times may vary by state. The drawing will be televised at 10:59 p.m. Eastern time, and results will be posted at usamega.com. If no winner is drawn tonight, the jackpot will increase to about $900 million for Saturday’s drawing.