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.
😂😂😂😂😂
LOL
what is Mega Millions waiting for ?
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.
I agree, you want to start at a smaller amount but want $2. I hope both lotteries reach a billion by May
MM has went up only 6 million. I'd imagine PB would do the same.
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)
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
Sales are probably down because it's so freaking hard to win a prize.
I must admit the recent cash payout has been generous.
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
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.
Lower jackpots for an impossible odds game will surely help sell more tickets.
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.