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A Christmas Eve Powerball drawing could add new meaning to holiday cheer as millions of players hope to cash in on the $1.7 billion prize, which comes after months without a jackpot winner.

The United States’ 4th-largest jackpot on record comes after 46 consecutive draws without someone claiming to have all six numbers. The last contest with a jackpot winner was on Sept. 6. The game’s long odds have people decking the halls and doling out $2 — and sometimes more — for tickets ahead of Wednesday night’s live drawing.

It’s a sign the game is operating as intended. Lottery officials made the odds tougher in 2015 as a mechanism for snowballing jackpots, all the while making it easier to win smaller prizes.

The Christmas holiday is not expected to impact the drawing process should there be a winning ticket, a Powerball spokesperson said.

Here is what to know about Wednesday’s drawing:

Christmas Eve cha-ching

That ticket placed in a stocking or under the tree could be worth a billion bucks — but with some caveats.

Powerball is played in 45 states, along with Washington, D.C., Puerto Rico and the U.S. Virgin Islands. Most of those areas require players to be 18 or older, though some states have steeper requirements. In Nebraska, players have to be at least 19 years old, and in Louisiana and Arizona, people can’t buy tickets until they are 21.

Winning tickets also must be cashed in the states where they were bought. And players can’t buy tickets in Alabama, Alaska, Hawaii, Nevada or Utah.

Other than that, lottery officials argue there is a chance a lucky Powerball ticket could be a gift that keeps on giving.

Charlie McIntyre, the New Hampshire Lottery’s executive director, said Tuesday: “Just think of the stories you can tell for generations to come about the year you woke up a billionaire on Christmas.”

A range of prizes can be presents

Wednesday’s $1.7 billion jackpot has a cash value of $781.3 million.

A winner can choose to be paid the whole amount through an annuity, with an immediate payment and then annual payments over 29 years that increase by 5% each time. Most winners, however, usually choose the cash value for a lump sum.

The odds are high for the top prize, but there are smaller prizes players can reap.

At the last drawing, players in Florida, Georgia, Illinois, New York, Ohio, Pennsylvania, Tennessee and Wisconsin each won $1 million. There are also prizes outside the jackpot, ranging from a few dollars to $2 million.

One woman told Powerball officials that she already made plans for her $1 million win: “We’re going to pay off our cars and credit cards and get a bigger house!”

And Thomas Anderson of Burlington, North Carolina, said he intended to use his $100,000 Powerball win from earlier this month to go back to school, according to Powerball.

Long odds for the billion-dollar jackpots

Lottery officials set the odds at 1 in 292.2 million in hopes that jackpots will roll over with each of the three weekly drawings until the pool balloons so much that more people take notice and play.

The odds used to be notably better, at 1 in 175 million. But the game was made tougher in 2015 to create the out-of-this-world bounties. The tougher odds partly helped set the stage for back-to-back record-breaking sweepstakes this year.

The last time someone won the Powerball pot was on Sept. 6, when players in Missouri and Texas won $1.787 billion, which was the second-highest top prize in U.S. history.

The U.S. has seen more than a dozen lottery jackpot prizes exceed $1 billion since 2016. The biggest U.S. jackpot ever was $2.04 billion back in 2022.

More about those unfavorable odds

It’s hard to explain what odds of 1 in 292.2 million mean. Even if halved, they remain difficult to digest.

In the past, one math professor described the odds of flipping a coin and getting heads 28 straight times.

Tim Chartier, a Davidson College math professor in North Carolina, on Monday compared the odds of a winning lottery ticket to selecting one marked dollar bill from a stack 19 miles (31 kilometers) high.

“It’s true that if you buy 100 tickets, you are 100 times more likely to win. But in this case, ‘100 times more likely’ barely moves the probability needle,” Chartier said. “Using the time analogy, buying 100 tickets is like getting 100 guesses to name that one chosen second over nine years. Possible — but wildly improbable.”

NEW YORK — Wall Street closed higher and reached more records Wednesday on a holiday-shortened trading day.

The S&P 500 index rose 22.26 points, or 0.3%, to 6,932.05. The Dow Jones Industrial Average added 288.75, or 0.6%, to close at 48,731.16, and the Nasdaq composite added 51.46, or 0.2%, to 23,613.31

Trading was extremely light as markets closed early for Christmas Eve and will be closed for Christmas Thursday. Roughly 1.8 billion shares traded on the New York Stock Exchange on Wednesday, which is roughly a third of the average trading day.

Markets will reopen for a full day of trading on Friday; however volumes are expected to remain light this week with most investors having closed out their positions for the year.

The S&P 500 is up more than 17% this year, as investors have embraced the deregulatory policies of the Trump administration and been optimistic about the future of artificial intelligence in helping boost profits for not only technology companies but also for Corporate America. Some of the strongest performers this year include Nvidia and Micron Technologies, both companies that make chips or other components that power the proliferation of data centers across the country.

Much of the focus for investors for the next few weeks will be on where the U.S. economy is heading and where the Federal Reserve will move interest rates. Investors are betting the Fed will hold steady on interest rates at its January meeting.

The U.S. economy grew at a surprisingly strong 4.3% annual rate in the third quarter, the most rapid expansion in two years, driven by consumers who continue to spend in the face of ongoing inflation. There have also been recent reports showing shaky confidence among consumers worried about high prices. The labor market has been slowing and retail sales have weakened.

The number of Americans applying for unemployment benefits fell last week and remain at historically healthy levels despite some signs that the labor market is weakening.

U.S. applications for jobless claims for the week ending Dec. 20 fell by 10,000 to 214,000 from the previous week’s 224,000, the Labor Department reported Wednesday. That’s below the 232,000 new applications forecast of analysts surveyed by the data firm FactSet.

Dynavax Technologies soared 38.2% after Sanofi said it was acquiring the California-based vaccine maker in a deal worth $2.2 billion. The French drugmaker will add Dynavax’s hepatitis B vaccines to its portfolio, as well as a shingles vaccine that is still in development.

Novo Nordisk’s shares rose 1.8% after the weight-loss drug company got approval from U.S. regulators for a pill version of its blockbuster drug Wegovy. However, Novo Nordisk shares are still down almost 40% this year as the company has faced increased competition for weight-loss medications, particularly from Eli Lilly. Shares of Eli Lilly are up 40% this year.

European markets moved between slight gains and losses. Asian markets were also quiet, with Hong Kong moving up 0.2% while Japan’s Nikkei 225 fell 0.1%

Gold prices were flat at $4,502 an ounce, and silver rose 0.8% to $71.69. U.S. crude oil was flat at $58.38 a barrel.