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.
Ain't that the truth!
I too have stopped buying tickets for these games. Right now I'm going to wait until April to see if my state runs the planned raffle. If so I will buy tickets for that. But I don't know when I will go back to playing PB and MM.
"making changes to the multi-state lottery game's jackpot due to sagging sales"
How will lowering the jackpot create better sales?
Just wondering.
So instead of decreasing the ticket price or improving the odds, they've opted to make the jackpot less appealing to John Q Public. Yeah, makes perfect sense
Self isolation. It might be better to not play at all. Don't risk the lives of your household for non-winning lottery tickets, be ultra safe.
Stay home people!
And this change certainly didn't entice me to buy a ticket....lol
cash value is (I assume) based on "cash on hand".
The annuity value (aka "the jackpot") is what they can buy with the cash value.
My records seem to indicate that the cash value is actually increasing (last cycle (when the jackpot got above $160m) next is worth $171m, with a cash value of $116.2m...
$116.2m is less than the current ($160m jackpot) cash value of $122.4m.
In last night's Power Ball drawing there were no jackpot winners, so the annuity amount does go to $160 mil.
There were two tickets that matched 5 of 5 without the PB # for a $1 mil prize and two tickets that added the Powerplay and won $2 mil.
The two tickets without the Powerplay were sold in Colorado and the two with the Powerplay were sold in Oregon.
I wonder if each of the two tickets were purchased by the same person.
Some people buy the same set of numbers twice so if there are multiple winners they would receive two shares of the jackpot.
Stay safe people!
I believe the Power ball /Mega millions should be replaced' for a Yearly Raffle, like EL Gordo(The fat one$$)...with a guaranteed 400,000 winners.
Im not longer interested in playing the Powerball' until they reduced the wager price to $1 buck per line.
One from Georgia with powerplay, and one from Oregon with powerplay.
On the NYS Lottery website https://nylottery.ny.gov/powerball/past-winning-numbers it shows:
DRAWING RESULTS
DATE
WINNING NUMBERS
POWERBALL
POWER PLAY
03/25/2020
05-09-27-39-42
16
X2
POWERBALL + NO POWERPLAY
0 winners of $150 Million.
2 second-prize winners of $1 Million. Winning tickets sold in CO.
PRIZE LEVEL
NUMBERS MATCHED
PRIZE
NY WINNERS
POWERBALL + POWERPLAY
2 second-prize winners of $2 Million. Winning tickets sold in OR.
PRIZE LEVEL
NUMBERS MATCHED
PRIZE
NY WINNERS
Hmmmmm.
I had just checked on USAMega.
It's possible the NYS Lottery site is wrong. I'll go with the results on https://www.usamega.com/
Thanks RC
YW!
Good luck with whatever game you play.
Might be time to start playing Lotto America again,once the PB jackpot has been won...Only $1 a pick..... Odds are about the same as the TX lottery.....
It won't. It's like selling a dozen donuts which comes with only 8 to make up for the slow business. Stupid!
Notice how the Mega millions jackpot has really slowed down?
Am thinking two things: Folks have lottery fatigue and #2 this will drive sales down even further. How about changing the odds a bit to help out your players?
Hopefully lack of income from lottery during this time will encourage more states to sell Mega and Powerball online, to residents within their state. If Mass can do it, so can the rest of the states.
I think it would be irresponsible to do something that would encourage people to leave their homes just to buy a lottery ticket. Those that are buying anyway will pick up their tickets during a grocery and supplies run.
If going out just to buy PB or MM tickets is a number one priority, those people need help.
If they changed it tomorrow to better odds, how many of us wouldn't be tempted to dash out and buy a few?
The KY Lottery paid out less than $1 million when 888 was drawn today. Triples are close to or usually sold out. It looks like going out to play lottery games is not a priority right now. Hopefully all the drawn games will be available Online. It sure would help during this crisis for those needing a fix.
That is a subscription service and can only play one set of #'s for during of your ticket, plus no Powerplay or Megaplier is ever available. Out of staters can play Megabucks Doubler, but as I stated months ago they outsourced this and really soak out of staters. Since I'm from there could have folks buy them for me but though with feeding their coffers!
Other states, like Kentucky, have on-line sales of a host of tickets including the aforementioned ones without the burden of subscription services for folks like me who may want to change their numbers.
Remember the deal the KLC had with retailers? They would not sell pick 3 or pick 4 to appease the retailers.
Personally I said the eff bomb when I read about PB changes and going to try, though may fail, to curb buying them. Cashball 225 is what I've been playing everyday now and can play here or @ the end of my short street!
Good luck Stack47.
Good to know other states have it set up so well. Hopefully others follow suit. If lack of sales due to something beyond our control doesn't induce them to sell online, I don't know what will.
The Powerball and Megamillions have essentially become worthless games that I only play just on the off chance I might actually win. It's almost impossible to win even the lowest prize, truly a rare occasion. When it was the old game with lower numbers and only cost $1, you could win something fairly often, now you can count on one hand when you get some money back from them. Luck for Life costs the same but has much better lower prizes and odds. If you are going to halve the top prize you should also halve the ticket cost because all you are going to do is make people want to play the game even less than they want to now. The need to hire new people to run those games.
The problem with playing online is that in the insanely rare chance you do actually win, you have essentially given up you ability to be anonymous since it's bought on an account with your information. I'm not sure you can even set up a trust or anything after the fact?
The FTC has some guidelines about what is "bait and switch" advertising and what isn't.