The odds in the Jackpot games are way to high to just blow $500 on tickets, even if it is over a 1 yr timeframe.
IMHO, you would be better off playing the Pick-3 or Pick-4 games.
There are many, many very good systems available for free right here on LP that can turn a $500 bankroll into at least $2500 in a years time with good judgement, keen knowledge of your states game and good bankroll management (only risk %1 or less of your bankroll on any 1 bet).
Jackpot games are fun to play for a buck or two, but the Pick-3 and Pick-4 games are where the real money is made.
Good luck 2 U.