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$425 million Powerball Jackpot Has Many Seeing Dollar Signs

3:23 PM, Nov 26, 2012   |    comments
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(CBS) -- The Powerball jackpot is estimated to reach $425 million on Wednesday and may even climb to an even higher amount if ticket sales exceed expectations.

The thought of winning one of the biggest multistate pots in U.S. history has may people dreaming including some residents on Long Island, just outside New York City. They were hard hit by Hurricane Sandy.

Retiree Raymond Parker wants to share the joy when the Powerball winning numbers are chosen Wednesday night.

"A lot of people should win, not just one," he said.

Like many Long Beach residents, Parker said his car was destroyed by rising floodwaters during the storm. But he's not contemplating buying a new one if he wins the jackpot.

The 67-year-old joked that he'd probably hire a chauffeur instead.

To date, four jackpot-winning Powerball tickets were sold in New York according to CBS station WCBS in New York. The previous biggest jackpot was $365 million in 2006, which was won by eight employees in a Nebraska meatpacking plant.

Earlier in 2012, a $656 million Mega Millions jackpot drove many people mad. Winning tickets were drawn in Kansas, Illinois and Maryland.

One group that will definitely be a winner no matter what numbers are drawn are the 42 states that run Powerball, Washington D.C. and the U.S. Virgin Islands, the Los Angeles Times reported. They made a record $60.8 billion in ticket sales during the 2011 to 2012 fiscal year, an 8.7 percent increase from the last year. Even though prices were doubled to $2, there was a 27 percent increase in sales revenue.

Just how lucky do you have to be? According to the Multi-State Lottery Association, the odds of winning the Powerball jackpot is 1 in 175 million. But, if Lady Luck happens to be on your side, the cash value on a single $425 million dollar winner is $278 million after taxes.


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