The latest state to join the high price point trend
By Kate Northrop
The Virginia Lottery recently launched its first-ever $50 scratch-off game, joining several other state lotteries who have ventured into the territory of higher price point tickets.
Last Tuesday, Oct. 4, the Virginia Lottery released a $50 scratch-off ticket called "$326,000,000 Fortune."
Virginia players will be able to try out the Lottery's most expensive scratch-off ticket yet, which carries a $5 million top prize.
"Scratcher games are the most popular product in our retail portfolio," Lottery Executive Director Kelly Gee said in a press release. "The launch of this $50 ticket marks another first for the Virginia Lottery and demonstrates our ongoing commitment to provide a variety of games to appeal to a broad range of consumers."
The game's name, "$326,000,000 Fortune," references the total amount of prize money available in the game, the Lottery explained. It offers three annuity top prizes of $5 million, 12 second-tier prizes of $100,000, and 80 third-tier prizes of $10,000. None of those prizes have been claimed as of now.
There is also an abundance of lower-tier prizes, including over 800,000 $100 prizes and 100,000 $600 prizes. Those prize amounts can be cashed in at retailers. Retailers who cash in tickets earn a bonus worth 1% of the prize in addition to the 5% commission they normally receive for selling all lottery products. Retailers who sell a $5 million top prize-winning ticket will earn a $10,000 bonus.
"The Virginia Lottery is tasked with an important mission that drives our business each day," Gee continued. "Like all Virginia Lottery games, profits from the sale of this ticket will benefit Virginia's K-12 public education. Contributing to important programs that support students across the Commonwealth is the reason the Virginia Lottery exists."
The odds of scooping up the $50 game's top prize of $5 million are 1 in 2,774,400, with the odds of winning any prize in the game at 1 in 3.43.
This officially marks the launch of the Virginia Lottery's most expensive scratch-off game, but it's not the first game they offer for purchase at this price point. Prior to the release of "$326,000,000 Fortune," the Lottery had $50 tickets available for several other online instant win games.
The Michigan Lottery recently celebrated its 50th Anniversary in July with its own first $50 scratch-off game called "$300,000,000 Diamond Riches," which offers a top prize of $6 million.
The Texas Lottery holds the record for the most expensive ticket in the nation after they released the country's first $100 scratch-off ticket in May. The game offers a top prize of $20 million.