Powerball Jackpot Rises to Record Breaking 1.5 Billion Dollars

January 12, 2016 Updated: January 14, 2016

The current Powerball, already the largest jackpot for a single winner in history for some time, grew to a towering $1.5 billion ahead of Wednesday’s drawing, according to Texas lottery officials.

It has shot up from $1.3 billion in just three days, and could grow even further before Wednesday.

The winner of the Powerball could choose between an immediate payout of $930 million or receive $50 million per year over a 30-year period, according to USA Mega. After federal taxes, the lump sum amount shrinks to $697 million and change.

The chances of winning the Powerball is 1 in 292 million, according to the Powerball.com.

If history provides any lessons, the first thing the Powerball winner should spend their money on is consulting on how to not lose their lottery winnings.

Many lottery winners squander their winnings within a few years, and studies show that a winners of large jackpots (more than $50,000) file for bankruptcy at the same rate as winners of small sums (less than $10,000) after five years of winning.