On Sunday, Powerball doubled the price of a ticket to $2, and everyone wondered if consumers would pay or stay away. But, apparently Powerball’s gamble seems to be paying off. And so, both things actually happened, as fewer tickets were sold but, more money than usual came in. State lottery
All this, could be a pattern that may well picture the possibility of record jackpots in the future.
For one, more money means jackpots grow faster and if fewer tickets are sold, this means someone’s less likely to win. No one hit all the numbers drawn Wednesday night – 6, 29, 34, 44 and 50, with a Powerball of 28 – and the jackpot rose to $100 million. Basically, the jackpot jumped $20 million in four days, which is more than for seven similar periods last year.
On the other hand, those comparable Wednesday drawings saw gains of $14 million to $19 million, while the jackpots were at least as large. Just to put it as an example, a year ago today, an $82 million Powerball jackpot rose by $14 million when no one hit.
In each case, the jackpot of competitor Mega Millions was not a factor, because it was lower, as it was early this week. (Mega Millions rose from $50 million to $60 million on Tuesday night, when no one matched 3, 15, 31, 36 and 53, with a Mega Ball of 27. The games go head to head in 41 states, including Pennsylvania, New Jersey and Delaware.)
Of course, time is needed as one drawing doesn’t prove a trend and still much happen. Or maybe other factors came into play, perhaps sales were artificially boosted by publicity over the price increase. Lotteries
Also, this wasn’t the lowest jackpot ever to have a $20 million jump. In May 2010, a much lower top prize – $60 million – rose to $80 million. Still, last year, every jump of $20 million or more happened with a jackpot of nearly $100 million or more.
Also, the biggest jump was $42 million, from $203 million on Oct. 29 to $248 million on Nov. 2.
In any case, that’s what Powerball brokers were hoping for in making the change, a lot more of these big weeks.
That jackpot was won, ending the inflated cash collection.
Next time, in three weeks or less if no schmuck’s lucky, we may have the chance to see a jackpot that size that might roll over and keep raking in $2 times tens of millions.
Also, in the process, Powerball is likely to give way to a whole lot of new millionaires, since the second prize is now $1 million.
This week saw the first such winner in New Mexico; although no one won $2 million for matching five numbers while also having the Power Play prize-sweetening option.
A new change, matching four numbers and the Powerball is $10,000 without the Power Play, and $40,000 with it automatically. And payouts can be reduced if the prize pool comes up short.
All in all, the price of the ticket may have changed the player’s opinion for a while, but with such good prizes, the next weeks will be key to see what will happen when the prize gets bigger and bigger.