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Powerball jackpot reaches $638 million in time for Christmas drawing

By Sara Smart, CNN

(CNN) — The Powerball jackpot has climbed to $638 million just in time for its next drawing on Christmas night.

In the past, three Powerball jackpots have been won on Christmas, according to a news release from Powerball. The last time was 10 years ago when an individual in Missouri won $71.5 million.

“This could be a very Merry Christmas for a Powerball player,” Powerball product group chair Drew Svitko said. “It’s not often we have a Powerball drawing coincide with the Christmas holiday and with a jackpot of this magnitude.”

The estimated cash value for this grand prize is $321.1 million, according to the news release, and the odds of winning are 1 in 292.2 million.

Cut-off times for ticket sales vary, but typically it’s one to two hours before the drawing, which is scheduled for 10:59 p.m. ET on Monday.

The last jackpot was won on October 11 with a prize of $1.765 billion.

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