There was no winner of the R190 million Powerball lottery on Tuesday (12 February).
The rollover estimated jackpot now stands at R210 million for the draw on Friday (15 February) – one of the highest lottery jackpots in local history.
Winning a R210 million jackpot would also automatically make you one of the wealthiest people in the country.
According to a 2018 report by New World Wealth, the country is home to 43,600 high-net-worth individuals, each with net assets of $1 million (R14 million) or more.
However, there are just 2,200 ‘multimillionaires’, each with net assets of US$10 million (R140,364,500) or more.
This means that a jackpot winner of R210 million – assuming it is not split and shared with other winners – will be among the 2,200 richest people in the country.
What are your odds of winning?
While this enormous jackpot will tempt many South Africans into buying a ticket, the odds of winning the grand prize are slim.
According to data provided on the national lottery website, a single Powerball play will cost you R5.00 and the overall odds of winning a prize is 1 in 18.
However, there are 42,375,200 different combinations that one can play when choosing 5 out of 50 numbers and 1 out of 20 numbers.
This means that you can expect to pay R211,876,000 for a guaranteed chance of winning the jackpot.
The ‘house edge’
The Lotto and Powerball prize pools are calculated at 50% and 48% of total sales respectively – which means for every R1 you spend on the game, you have a chance to get 50 cents and 48 cents back.
This effective 50%/52% loss on what you pay is referred to as the ‘house edge’ in most casino games, which shows how much the casino – or in this case the Lotto – is guaranteed to make on your spending over time.
Effectively, it equates to the profit made per bet.
For games like roulette, the house edge is much lower, around 5% – while games like blackjack and craps can be under 1%.
Slot machines carry a wide range, but can be as low as 5% and as high as 20%, depending on the machine and game type.