Today, Wednesday, October 11, 2023, marks the drawing for the record-breaking $1.72 billion Powerball jackpot, the second largest in the game's history.

With many players buying their tickets and dreaming of becoming instant billionaires, the real question is: What are the odds of winning this jackpot?

To understand the scale of the odds, consider this comparison: a golfer has about a one in 15,000 chance of achieving a hole-in-one on a given hole.

The odds of winning this Powerball? Equivalent to making 22 consecutive holes-in-one. Statistically, that's a staggering one in 292.2 million chance.

Interestingly, there are better odds with scratch-offs. North Carolina's scratch-off ticket statistics offers more favorable odds.

For instance, the Jumbo Bucks scratch-off ticket currently has five tickets remaining with a million-dollar prize, offering odds of one in 1.4 million, significantly better than the Powerball.

However, not all scratch-off tickets are equal. The Junior Big Ol' Bucks, for example, has no remaining top-prize tickets, but minor prizes are still up for grabs.

For those considering the Powerball's cash prize option, a hefty $756.6 million awaits, should they emerge as the lucky winner.

Tonight's drawing will be attracting scores of hopeful players. But why have such gigantic jackpots become more common?

Victor Matheson, an economics professor from the Holy Cross, breaks it down.

“Firstly, the Powerball is now a nationwide lottery, resulting in increased ticket sales,” he says.

“Secondly, ticket prices have doubled from $1 to $2, leading to faster-growing jackpots. Lastly, it has become more challenging to win the jackpot, meaning it accumulates over a more extended period,” said Professor Matheson.

Remarkably, six of the ten largest US lottery jackpots have occurred within the past year. With only five states — Alabama, Alaska, Hawaii, Nevada, and Utah — abstaining from the lottery, there's a large number pool of participants.

Even if they don't win the jackpot, their contribution supports a worthy cause. In North Carolina alone, last year's lottery generated a substantial $929 million for education, nearly tripling the 2007 figures.

Nearly half of these proceeds are channeled to school construction, and over a third compensates school staff.

For the small chance that you might clinch that enviable jackpot, financial advice from professionals is essential.

Lastly, for those curious about the 'luckiest' numbers recently drawn in the Powerball, this month saw number 61 drawn 90 times, followed by 32 (89 times), and both 63 and 21 appearing 86 times.

But remember, these patterns don't improve chances; the lottery remains a game of sheer luck.

Whether you're a regular participant or considering your first ticket, the Powerball is still a great way to enjoy some dreaming.