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The New Year’s Day Powerball jackpot has increased to $500 million, according to the lottery organization. The increase comes after no one came forth to claim the prize from the last Powerball drawing of 2021, which took place on Wednesday. 

There have been 37 drawings in a row without a jackpot winner, according to Powerball. The last jackpot-winning draw occurred on October 4, when a California resident won $699.8 million. 

The next drawing will take place on New Year’s Day. Separately, the lottery will hold a $1 million draw that will be broadcast live on “Dick Clark’s New Year’s Rockin’ Eve with Ryan Seacrest 2022” on ABC. 

But winning the coveted prize won’t be easy. While the overall odds of winning any number of the Powerball prizes are 1 in 24.9, the odds of winning the Powerball jackpot are 1 in 292.2 million, according to the organization. 

A woman buys Mega Millions tickets hours before the draw of the $1.6 billion jackpot, at a liquor store in Downtown Washington DC, on October 23, 2018. 

ERIC BARADAT/AFP via Getty Images

Think you want to take that chance? Tickets are $2 per play, and are sold are sold in 45 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands.

Winners of the jackpot can either choose a giant lump sum payment of the cash or an annuity of 30 annual graduated payments, but all prize winnings are subject to federal and local taxes. After taxes, a single winner of the $500 million New Year’s Day jackpot would take home around $355.9 million in cash value. 

“Ticket sales have been strong through the holidays, and we anticipate the majority of ticket purchases for the next drawing will happen on New Year’s Day,” Powerball Product Group Chair and Missouri Lottery Executive Director May Scheve Reardon said in a press release Thursday. “A jackpot of this size is great way to start the New Year, but please remember to play responsibly.”