I am not the best with probabilities, but I will give it a shot:
You basically want to add up the chances of getting your 8 picks when exactly 8 are picked, when exactly 9 are picked, etc. until when exactly 20 are picked. That is:
$$P(win \: jackpot) = \sum\limits_{i=0}^{12}P(win \: at \: 8+i )$$
Now, to win the jackpot at the moment the $8+i$-th ball is called means that 7 of your picks were called before then, and $i$ balls were called that were not any of your picks, after which your 8th pick is called.
What are the chances of this happening? Well, first of all we need to get those $7+i$ initial numbers: 7 of your picks (and there are 8 ways of doing that), and $i$ non-picks (and there you have $67 \choose i$ options), and after that you need exactly that last number (with a chance of 1 out of $75-7-i$).
So:
$$P(win \: at \: 8+i)=8*\frac{67 \choose i}{75 \choose 7+i}*\frac{1}{68-i}$$
(Note that with i=0 you would get exactly your 1 in 16 billion chance)
So, plug that into the earlier summation, and get out a really good calculator!
And just to be clear: this would be the probability of a single row winning the jackpot.
EDIT
As A.G. points out, we can immediately calculate the chance of one line winning the jackpot:
$$P(win \: jackpot) = \frac{\binom{67}{12}}{\binom{75}{20}}$$
This is because since the chosen collections have no order, this will cover all of the cases I handled separately above, i.e. where the winning 8th ball is the 8th ball drawn, or the 9th ball drawn, or ... or the 20th ball drawn.
Both my proposed summation as well as this much simpler answer give a probability of:
$$P(win \: jackpot) = \frac{494}{66160995} \approx \frac{1}{133929}$$
OK, but what about multiple lines? Here you need a good strategy. For example, for the second line, it would make sense to not have any number the same as what you have on the first line. To see this let's first consider the extreme case: the second line is exactly the first line. Well, then if the first line does not win the jackpot, then obviously the second line won't win the jackpot either. Having 7 numbers the same and 1 number different does not help much, since most of the 20-number draws that would make the second line a winner would make the first line a winner as well, and since the first line was not a winner, there is only s small chance that the 20-number draw we are dealing with with be one of the few draws that would make line 2 a winner but line 1 not. Much better, therefore, to pick 8 completely different numbers for line 2. Yes, there are still some 20-number draws that would rule out line 2 as well as line 1 as a winner (e.g. those that contain all 16 different numbers from those 2 lines), but there are clearly much fewer of those, i.e. the chances that the 20-number draw we are actually dealing with is one of those that makes line 2 a winner and line 1 not a winner are much greater now.
Here is a simple example to illustrate this. Suppose we are dealing with only 5 numbers instead of 75, that we pick 2 instead of 8, and that 3 are drawn instead of 20.
OK, first consider a equence of picks with lots of overlap:
12,13,14,15,23,24,25,34,35,45
The first pick (12) would be a winner with any of the following draws: 123,124,125. So, this has a $\frac{3}{10}$ chance of winning (just as any other first pick would).
What are the chances the second pick (13) wins? This would be when the first pick does not win (so the draw is not any of 123,124,125), but the second does, so this would be with draws 134 or 135, so the chance of the second pick winning is $\frac{2}{7}$.
We can likewise go through the rest of the picks in this sequence, and when we just focus on the number of draws that would make the $i$-th pick a winner given that none of the earlier picks are, we get the following numbers:
3,2,1,0,2,1,0,1,0,0 (note that after 12,13,and 14 didn't win, 15 was certain not to win either!)
Ok, now compare this with a strategy of avoiding overlap, e.g.:
12,34,15,23,45,...
We already see an advantage of this strategy for the second pick, since it wins with draws 134,234,345, so it has a $\frac{3}{10}$ chance of winning compard to the $\frac{2}{10}$ for the second pick in the first sequence. Again just focusing on the number of draws that would give us a winner, we get:
3,3,2,1,1,0,0,0,0,0 (the last 5 don't matter!)
So, whether in terms of how many lines you need to be guaranteed to win the jackpot, or whether how many picks we have to fill out in order to have an at least $x%$ chance of winning the jackpot, the second strategy is better. Indeed, focusing on that 70%, the first strategy would take 5 picks, but the second strategy only 3.
OK, so the general strategy is for your new lines to pick numbers that have not been picked before by earlier lines. OK, but after a while you will have to create lines that do overlap with earlier lines. Well, in that case the general advice is to keep the overlap at a minimum. What, in the end, is the optimal strategy though (in terms of minimizing the number of lines to get a winner or to have at least ~70% of winning), is not clear though. I suspect that is a real nasty proof!