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The surprising value in buying a Powerball ticket has nothing to do with money

Jordan Bell

The anticipated drawing of the Powerball jackpot is Wednesday night, where one winner, or several winners, could be selected.

The jackpot's estimated cash value is $930 million before taxes. The Powerball website says the chances of winning this grand prize are one in 292 million. 

Cal Poly Statistics Professor Andrew Schaffner said with odds like that, you're more likely to be struck by lightening, but he said there is some other value in buying a ticket.

"One could also assign numbers to what we call utility. And with respect to all the players buying into this, there is that small, little bit of psychological utility of that dream," said Schaffner. "That actually plays into the value of a ticket. And maybe for two dollars, it's better than going to a movie to live that dream for a little bit." 

The drawing will be announced just before eight o'clock Wednesday night.

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