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Powerball to lower jackpot starting point and increases due to plunge in sales

Mar 25, 2020, 5:57 pm

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PowerballPowerball: Powerball to lower jackpot starting point and increases due to plunge in salesRating:

Coronavirus strikes again

Today the Powerball Product Group announced it is making changes to the multi-state lottery game's jackpot due to sagging sales caused by the COVID-19 coronavirus.

Following the next grand prize win, Powerball's starting jackpot will reset to a guaranteed $20 million (annuity) with minimum roll increases of $2 million between drawings.

Previously the starting point was $40 million, with guaranteed $10 million increases between drawings that did not produce a jackpot winner.

"Powerball players in many U.S. lottery jurisdictions are under shelter-in-place orders or recommendations from their governors or mayors, which has affected normal consumer behaviors," Bishop Woosley, director of the Arkansas Scholarship Lottery, said. "Just like other enterprises around the world that are making adjustments, the lottery industry is making proactive changes to continue to offer the world's premier lottery product."

Tonight's advertised jackpot is a guaranteed $150 million; $114.8 million cash value. If the jackpot is won in tonight's drawing, the jackpot will reset to a guaranteed $20 million (annuity) for the Saturday, March 28 drawing with minimum jackpot roll increases of $2 million between drawings. If the jackpot is not won tonight, then the jackpot will grow to an estimated $160 million (annuity).

Powerball tickets are $2 per play. Drawings are held every Wednesday and Saturday at 9:59 p.m.

Lottery Post Staff

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75 comments. Last comment 4 months ago by KY Floyd.
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Billionaires Row 57th street Manhattan
United States
Member #197346
April 9, 2019
4512 Posts
Online
Posted: March 25, 2020, 6:01 pm - IP Logged

😂😂😂😂😂

LOL

what is Mega Millions waiting for ?

    Avatar
    Chasing $ Millions.
    White Shores- California
    United States
    Member #136473
    December 12, 2012
    6260 Posts
    Offline
    Posted: March 25, 2020, 6:06 pm - IP Logged

    Is that the way you gonna play huh? Well, how about dropping it to $1 a line as well. Or $2 a line, but pick from 50 balls from one barrel & 10 mega balls. Fair is fair.Approve

     * Voice of Reason *   

     

    People who say it cannot be done should not interrupt those who are doing it- George Bernard Shaw.

      hearsetrax's avatar - alien on_computer.jpg

      United States
      Member #52343
      May 21, 2007
      3270 Posts
      Offline
      Posted: March 25, 2020, 6:09 pm - IP Logged

      Skeptical

        Avatar
        Texas
        United States
        Member #82090
        November 5, 2009
        87 Posts
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        Posted: March 25, 2020, 6:36 pm - IP Logged

        I agree, you want to start at a smaller amount but want $2. I hope both lotteries reach a billion by May

          andl's avatar - hSk1nCp

          United States
          Member #193182
          October 22, 2018
          16 Posts
          Offline
          Posted: March 25, 2020, 6:42 pm - IP Logged

          MM has went up only 6 million. I'd imagine PB would do the same.

            Avatar

            New Zealand
            Member #177454
            September 29, 2016
            22 Posts
            Offline
            Posted: March 25, 2020, 7:00 pm - IP Logged

            It won't just be reduced sales... there is also the matter of how much cash they have to front up with for those $10m increases or $20m start...

            The ratio of cash value to announced jackpot has hit 80% (three draws ago.. Jackpot $120m cash $96.1m -- 80.8% of jackpot.)

            Meanwhile, the Jan 13, 2016 draw.. jackpot of $1,586.4 million.. cash value $983.5m is a rate of 62% (@62% $96.1m cash would  dictate a jackpot of $155m)

            @62% $40m start needs cash of $24.8m

            @80.8% $40m start needs cash of $32.32 ($7.52m more)

              hearsetrax's avatar - alien on_computer.jpg

              United States
              Member #52343
              May 21, 2007
              3270 Posts
              Offline
              Posted: March 25, 2020, 7:15 pm - IP Logged

              I agree, you want to start at a smaller amount but want $2. I hope both lotteries reach a billion by May

              Would love to see it hit the billion mark ... but highly unlikely by May

              but maybe by the later part of July at the rate things are going

                Avatar
                Florida
                United States
                Member #186825
                January 2, 2018
                281 Posts
                Offline
                Posted: March 25, 2020, 7:32 pm - IP Logged

                Sales are probably down because it's so freaking hard to win a prize.

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                  Florida
                  United States
                  Member #186825
                  January 2, 2018
                  281 Posts
                  Offline
                  Posted: March 25, 2020, 7:36 pm - IP Logged

                  It won't just be reduced sales... there is also the matter of how much cash they have to front up with for those $10m increases or $20m start...

                  The ratio of cash value to announced jackpot has hit 80% (three draws ago.. Jackpot $120m cash $96.1m -- 80.8% of jackpot.)

                  Meanwhile, the Jan 13, 2016 draw.. jackpot of $1,586.4 million.. cash value $983.5m is a rate of 62% (@62% $96.1m cash would  dictate a jackpot of $155m)

                  @62% $40m start needs cash of $24.8m

                  @80.8% $40m start needs cash of $32.32 ($7.52m more)

                  I must admit the recent cash payout has been generous.

                    andl's avatar - hSk1nCp

                    United States
                    Member #193182
                    October 22, 2018
                    16 Posts
                    Offline
                    Posted: March 25, 2020, 7:59 pm - IP Logged

                    Cash value is based off the 30 Year treasury rate. Right now the 30 year rate is near historic lows. That is why the cash value is so high.

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                      Billionaires Row 57th street Manhattan
                      United States
                      Member #197346
                      April 9, 2019
                      4512 Posts
                      Online
                      Posted: March 25, 2020, 8:02 pm - IP Logged

                      Cash value is based off the 30 Year treasury rate. Right now the 30 year rate is near historic lows. That is why the cash value is so high.

                      How so ?

                      I thought cash value is based on the cash on hand after expenses of the game 

                        Think's avatar - lightbulb
                        Marquette, MI
                        United States
                        Member #20540
                        August 20, 2005
                        874 Posts
                        Offline
                        Posted: March 25, 2020, 8:29 pm - IP Logged

                        They have been making the games worse and worse and they had been looking for a convenient excuse to make them worse yet...bingo they got lucky and found one.

                        Powerball and MegaMillion have not been good for at least 5 to 7 years.

                        Next step is for them to find a way to get a multi-trillion dollar jackpot that nobody wins except once every 30 years.

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                          New Member
                          Columbus,Ohio
                          United States
                          Member #195571
                          January 30, 2019
                          12 Posts
                          Offline
                          Posted: March 25, 2020, 8:36 pm - IP Logged

                          Lower jackpots for an impossible odds game will surely help sell more tickets. Roll Eyes

                            Ranett's avatar - NBie0qv

                            United States
                            Member #201960
                            November 3, 2019
                            337 Posts
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                            Posted: March 25, 2020, 9:50 pm - IP Logged

                            It would interesting to see what happens after the COVID crisis is over. I haven't bought a powerball ticket in 6 or 7 weeks so it won't change my habits anyway.