Powerball jackpot has many playing slim odds - MyFoxAustin.com | KTBC Fox 7 | News, Weather, Sports

Powerball jackpot has many playing slim odds

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You have a better chance of being elected president, being murdered or drowning in a bathtub than winning the estimated $500 million Powerball jackpot.

The odds of winning are one in 175,223,510. Still that doesn't stop many from forking over their hard earned cash for a chance to win Wednesday night's jackpot.

"Even though it's a vanishingly small chance, it's not zero," said Art Markman, a Psychology Professor at the University of Texas at Austin.

The current Powerball jackpot started as a $40 million prize on October 6, but since then there have been 15 draws without a jackpot winner. Now that the prize is so big, sales are up by more than 700 percent since the same time last week.

Markman says it's the miniscule chance that causes so many people to invest the money; they most likely won't get a return on.

"Because you're not thinking clearly about these very small probabilities; you're just thinking well the more tickets I buy the better the chance I've got."

You have until 9 p.m. Central time, Wednesday, to purchase tickets for the drawing, which will be held at 9:59 p.m.

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