As Christmas Eve approaches, the Powerball drawing is poised to inject a fresh wave of excitement into the holiday season. With a staggering $1.7 billion prize up for grabs, countless hopeful participants are dreaming of a festive financial windfall, marking a potential end to a jackpot dry spell that has persisted for months.

This colossal jackpot ranks as the fourth-largest in U.S. history, emerging after an impressive 46 consecutive drawings without a winner. The last occasion someone successfully matched all six numbers was back on September 6. The enticing odds have players eagerly spending their $2—and sometimes more—on tickets as anticipation builds for the live drawing set for Wednesday night.

This development reflects the game’s design perfectly. Back in 2015, lottery officials adjusted the odds to create the potential for more massive jackpots, while simultaneously making it simpler to win smaller rewards. This strategic shift has evidently kept interest high and the stakes even higher.

According to a Powerball spokesperson, the Christmas festivities will not disrupt the drawing process, ensuring that any potential winner will have their moment, holiday or not.

Here’s what you need to know as you prepare for Wednesday’s highly anticipated drawing:

Christmas Eve cha-ching

That ticket placed in a stocking or under the tree could be worth a billion bucks — but with some caveats.

Powerball is played in 45 states, along with Washington, D.C., Puerto Rico and the U.S. Virgin Islands. Most of those areas require players to be 18 or older, though some states have steeper requirements. In Nebraska, players have to be at least 19 years old, and in Louisiana and Arizona, people can’t buy tickets until they are 21.

Winning tickets also must be cashed in the states where they were bought. And players can’t buy tickets in Alabama, Alaska, Hawaii, Nevada or Utah.

Other than that, lottery officials argue there is a chance a lucky Powerball ticket could be a gift that keeps on giving.

Charlie McIntyre, the New Hampshire Lottery’s executive director, said Tuesday: “Just think of the stories you can tell for generations to come about the year you woke up a billionaire on Christmas.”

A range of prizes can be presents

Wednesday’s $1.7 billion jackpot has a cash value of $781.3 million.

A winner can choose to be paid the whole amount through an annuity, with an immediate payment and then annual payments over 29 years that increase by 5% each time. Most winners, however, usually choose the cash value for a lump sum.

The odds are high for the top prize, but there are smaller prizes players can reap.

At the last drawing, players in Florida, Georgia, Illinois, New York, Ohio, Pennsylvania, Tennessee and Wisconsin each won $1 million. There are also prizes outside the jackpot, ranging from a few dollars to $2 million.

One woman told Powerball officials that she already made plans for her $1 million win: “We’re going to pay off our cars and credit cards and get a bigger house!”

And Thomas Anderson of Burlington, North Carolina, said he intended to use his $100,000 Powerball win from earlier this month to go back to school, according to Powerball.

Long odds for the billion-dollar jackpots

Lottery officials set the odds at 1 in 292.2 million in hopes that jackpots will roll over with each of the three weekly drawings until the pool balloons so much that more people take notice and play.

The odds used to be notably better, at 1 in 175 million. But the game was made tougher in 2015 to create the out-of-this-world bounties. The tougher odds partly helped set the stage for back-to-back record-breaking sweepstakes this year.

The last time someone won the Powerball pot was on Sept. 6, when players in Missouri and Texas won $1.787 billion, which was the second-highest top prize in U.S. history.

The U.S. has seen more than a dozen lottery jackpot prizes exceed $1 billion since 2016. The biggest U.S. jackpot ever was $2.04 billion back in 2022.

More about those unfavorable odds

It’s hard to explain what odds of 1 in 292.2 million mean. Even if halved, they remain difficult to digest.

In the past, one math professor described the odds of flipping a coin and getting heads 28 straight times.

Tim Chartier, a Davidson College math professor in North Carolina, on Monday compared the odds of a winning lottery ticket to selecting one marked dollar bill from a stack 19 miles (31 kilometers) high.

“It’s true that if you buy 100 tickets, you are 100 times more likely to win. But in this case, ‘100 times more likely’ barely moves the probability needle,” Chartier said. “Using the time analogy, buying 100 tickets is like getting 100 guesses to name that one chosen second over nine years. Possible — but wildly improbable.”

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