Hoping to win the $1 billion Powerball jackpot? Consider your odds and this advice

The top prize for Monday’s Powerball jackpot drawing has climbed to north of $1 billion.

The cash value for that comes in closer to a half billion after federal and jurisdictional taxes for anyone who needs a little reality check. But hey, who doesn’t want that kind of payday?

To win all that money — the second-largest Powerball jackpot ever — you’ll have to overcome some major odds. There have been more than 35 drawings for this jackpot so far with no grand-prize winner, which has led it to grow into Powerball’s largest prize so far this year.

The odds of winning the jackpot are 1 in 292.2 million, while the odds of winning some sort of smaller prize are about 1 in 24.

There’s actually quite a few things you’re more likely to achieve than winning a major lottery prize, like say, being attacked by a shark (1 in 11.5 million), being struck by lightning (1 in 1,171,000), or becoming the president of the United States (1 in 32.6 million), or scoring a hole-in-one as an amateur golfer (1 in 12,500).

Fun fact: No Texan has won the 10 largest Powerball jackpots thus far. Those few winners have come from Arizona, California, Florida, Iowa, Maryland, Massachusetts, Missouri, New York, Tennessee and Wisconsin.

If you do end up being that lucky Lone Star State winner, you’ll be able to choose how you receive your prize. Options include a lump-sum payment or an annuity paid in 30 graduated payments over 29 years.

Then, of course, once you have your money you’ll need to decide what to do with it. Some North Texas business leaders previously told The Dallas Morning News the multiple ways they’d use the cash from a lottery win, including purchasing Highland Park Village, making other investments and giving it to charity.

Dallas Mavericks owner and Shark Tank personality Mark Cuban also offered some tips for managing the winnings:

• Hire a tax attorney first.
• Opt for the annual payments — you don’t want to blow through the lump sum.
• Tell your friends and relatives no if they ask for money. If you want to help some, talk to your accountant first.
• Don’t make investments so you don’t have to worry about losing money. Put the money in the bank and live comfortably.

Powerball drawings are broadcast live every Monday, Wednesday and Saturday at 9:59 p.m. To win the jackpot, you’ll need all five white ball numbers (which range from 1 to 69) and the red Powerball number (which ranges from 1 to 26).