Current Jackpot: $700,000,000
When one hears the phrase "Powerball Lottery" the first thing that comes to mind is mega-millions. It's the undisputed champion of all lotteries and, when the potential winnings climb to those astronomical amounts, it inspires even infrequent lottery players to rush out and purchase a ticket for a chance at the potential life altering grand prize.
Whether you faithfully buy a ticket every week or you are just entering because of the big Powerball lottery prize, here are a few tips to help increase your odds of winning.
Powerball Lottery Tips
- Never spend more than you can afford. The lottery is not an investment plan, it is ultimately an adult entertainment game.
- Your odds of winning the Powerball Lottery are about 1 in 175 million. For that reason it is best to wait until the jackpot amount hits the $350 million dollar mark, what gamblers call a "positive-expectation" play. This kind of play statistically results in more than 1 dollar for every dollar played.
- Avoid playing the numbers everyone else plays. Birthdays and anniversaries are the most popular lottery entry numbers, which limits your number range to between 1-31. According to experts, never play a 1 and add higher numbers to your entry.
- It makes sense that the more you play, the more you increase your odds of winning, but because of "variance"—inconsistency—that is simply not true.
- If you win, take the annuity rather than the lump sum. Granted the annuity payments will mean that you will receive your winnings over 29 to 30 years, but you will pay less taxes over the long haul than if you accept a lump sum.
More Powerball Lottery Tips
In addition to avoiding the number 1, also consider avoiding lucky numbers such as 7, 13, 23, 32, 42 and 48, which are also very popular numbers. Instead play 26, 34, 44, 45 and 46. These numbers are played less, which increases your chances of not having to share your winnings with another entrant.
Most people at some point in their lives have created a bucket list of the things they would do if they ever won the lottery. They would pay down debt, buy their dream home, their dream car, go on extravagant vacations, and lavish gifts on friends and loved ones.
But how many of those people have actually taken the time to enter the lottery? Remember, you can't win the Powerball Lottery if you don't enter!