After drawings upon drawings with no grand prize winner, the Powerball jackpot has grown to an unprecedented level. At $1.6 billion, this Saturday's jackpot is the largest lottery.
The estimated jackpot, which could actually grow even higher depending on sales, surpasses the previous world record of $1.586 billion set by Powerball in 2016.
The odds of winning it all are pretty slim at just 1 in 292 million. But anyone who buys a Powerball ticket will have a chance, albeit a small one.
So, what should you do if you happen to hold the winning ticket? First, you should sign it, according to a financial advisor.
"You probably want to make a copy of it," stated Andrea Williams, a wealth management advisor. "The second thing is you want to remain as anonymous as possible for as long as possible. You never know what can happen if people find out you’re the winner.”
Advisors also say that if you win, you should hire an attorney, accountant and financial planner.
Jackpot winners may opt to receive their prize as an annuity, paid in 30 graduated payments over 29 years, or a lump sum payment, which in this case would amount to $782.4 million, according to Powerball officials.
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While the chances of taking home the jackpot aren't great, people have walked away with smaller prizes. In the last drawing, three people in Illinois won $100,000. At least six others managed to win $50,000 each.
If you're planning to get a ticket but haven't yet, just know that ticket sales typically cut off an hour or two prior to the drawing.
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Saturday night's drawing is at 9:59 p.m. CST.
