What are the odds in winning $700M lottery draw?

Reuters

Posted at Aug 24 2017 04:41 AM

A screen displays the value of the Powerball jackpot at a store in New York City on Tuesday. Brendan McDermid, Reuters

The odds against winning are astronomical, but millions of Americans will be hoping for some life-altering luck when winning numbers are drawn for the second-highest jackpot in the history of the Powerball lottery. 

A winning ticket could bring the holder an estimated $700 million windfall, a prize topped only by a January 2016 $1.56 billion Powerball jackpot, the world's largest lottery reward ever.

In New York City on Wednesday, newsstand owner Andy Patel welcomed Powerball lottery ticket buyers as they dreamed about what they would do if they won.

The drawing is set for 10:59 p.m. ET (0259 GMT Thursday) in Tallahassee, Florida, when five of 69 white balls and one of 26 red balls - the Powerball - will be randomly selected to form the six numbers a single ticket must have to take the jackpot.

The odds of a ticket having all six winning numbers do not change no matter how big the jackpot is. 

They are 292.2 million-to-1, according to the Multi-State Lottery Association. 

The estimated jackpot is $700 million only if the winner agrees to get 30 payments over 29 years. 

If a one-time payout is chosen, the jackpot is an estimated $443.4 million.