Powerball $478 Million Jackpot Is Nation's 8th Largest

DES MOINES, Iowa (AP) — Powerball players have a shot at the nation's eighth-largest lottery jackpot, but they should keep in mind that their dreams of riches likely won't become a reality.

The odds of a winning ticket in Saturday night's drawing for a $478 million prize are incredibly small: one in 292.2 million.

It's because of those odds that there hasn't been a winner since May 7, when a family from New Jersey won a $429.6 million jackpot. The nation's biggest prize was January's $1.6 billion Powerball jackpot.

The drawing will take place at 10:59 Eastern time, when tumblers filled with balls will select the five numbers and single Powerball. If there isn't a winner, the jackpot will increase and another drawing will be held Wednesday.