Money

These are the odds you'll win tonight's $350 million Powerball jackpot

Joe Raedle | Getty Images News | Getty Images

Think you've picked the right numbers to win tonight's $350 million Powerball jackpot?

The odds of winning the Powerball jackpot are 1 in 292,201,338. That's a bit better than your odds of winning the Mega Millions jackpot, which stand at 1 in 302,575,350, according to the New York State Lottery. The overall odds of winning any Powerball prize are 1 in 24.87.

To play Powerball, you pick six numbers: five numbers between one and 69 for the white balls; and one number between one and 26 for the red Powerball. Selecting all of them correctly gets you the jackpot. You can also pay for the Power Play option, which multiples any winnings earned by two, three, four, five or 10 times the amount, depending on which number is drawn.

How can you increase your odds? You can buy more than one ticket, though you'd have to have purchase 292,201,338 to account for all of the numerical possibilities, which would cost more than winning the jackpot. You have much better odds of winning a small prize:

Jackpot: Five matching numbers with the Powerball: 1 in 292,201,338
$1 million prize: Five matching numbers: 1 in 11,688,053.52
$50,000 prize: Four matching numbers with the Powerball: 1 in 913,129.18
$100 prize: Four matching numbers: 1 in 36,525.17
$100 prize: Three matching numbers with the Powerball: 1 in 14,494.11
$7 prize: Three matching numbers: 1 in 579.76
$7 prize: Two matching numbers with the Powerball: 1 in 701.33
$4 prize: One matching number with the Powerball: 1 in 91.98
$4 prize: Powerball only: 1 in 38.32

Powerball tickets cost $2 each, and the drawing will take place Saturday, June 1 at 10:59 p.m. ET. If you do end up with the golden ticket, here's what to do with your winnings.

Don't miss: These are the odds you'll win the $444 million Mega Millions jackpot

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Kevin O'Leary: What to do if you win the lottery
Joe Raedle | Getty Images News | Getty Images
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