Powerball hits $350M, drawing set for Wednesday - KPTV - FOX 12

Powerball hits $350M, drawing set for Wednesday

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Wednesday's Powerball jackpot has hit $350 million dollars.

Lottery officials say the cut-off time is 9:45 p.m. on May 15 to make your purchase, or you could be missing out on the chance to win $350 big ones. If no one wins this drawing, the money will roll over and the pot will get even bigger.

According to McIntosh & Associates, a financial advising group, your odds of winning that Powerball are 1 in 175 million. The group goes on to state that a person's odds of dating a supermodel are 1 in 88,000, being attacked by a shark are 1 in 11.5 million and the odds of being struck by lightning at 1 in 10,000.  

Lottery officials say over 97 cents of every dollar spent on Lottery tickets is returned to the state in the form of contributions to the state School Aid Fund, prizes to players and commissions to retailers.

In fiscal year 2012, the contribution to schools was a record $778.4 million, about one-tenth the size of the state's yearly education budget. Since its inception in 1972, the Lottery has contributed over $17 billion to education in Michigan.


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