Half of Australian adults expected to buy ticket for $160 million Powerball on Thursday

So, what are your odds of winning the $160 million?

"The odds of winning Powerball with a single game entry is one in 134 million," spokesperson for The Lott James Eddy said.

"We're expecting half of Australian adults to have an entry in [Thursday] night's historic ... draw."

To put those odds in context, you're more likely to crack an egg with a double yolk (one in every 1000 eggs), finding a four-leaf clover (one in every 10,000) or get struck by lightning (four in a million chance).

The previous largest Powerball draw was $150 million in September 2019, when three people won the jackpot and the winnings were split between them, giving them $50 million each.

There are a few different, sometimes conflicting, strategies that are often suggested to increase your odds; from sticking to the same set of numbers to using quick picks that choose at random, and buying multiple tickets simultaneously.

But your chances of winning a major jackpot remain incredibly low.

Probability, the branch of mathematics that understands how likely something is to occur, dictates the chances you'll have a winning ticket will not grow with the more tickets you buy as each ticket is its own independent probability.

TattsLotto lists the frequency of how often a number is drawn on their website.

The top 10 most commonly drawn numbers are: 1, 11, 8, 40, 22, 7, 23, 5, 15 and 33.

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Mr Eddy said players should keep in mind: "All numbers have an equal chance of being drawn from the barrel."

It should also be noted, the more ticket holders in a lottery, the higher the chance of more winners and multiple people having to split the cash if they win.

"It will be interesting to see if division one is won this week," Mr Eddy said.

"If one person wins the entire jackpot, they'll also be crowned the biggest winner in Australian lotteries history."