![]() US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account Powerball tends to be the least regressive lottery game, Cohen said, because wealthier people tend to buy tickets when jackpots soar.īut for most of the year, “there’s a slow burn of disproportionately poorer people putting money into smaller prizes.” Lotteries are regressive, meaning lower-income groups spend more of their budgets on lottery games than higher-income groups. The odds of winning the top prize now stand at 1 in 292 million. The five largest Powerball jackpots have all come in the last six years. ![]() These changes have pushed Powerball jackpots way up. The game is now available in 45 states, Washington D.C., Puerto Rico and the US Virgin Islands. In 2010, in an effort to gain more players and increase the size of the jackpots, Powerball and Mega Millions, the two largest multi-state lotteries, agreed to allow retailers to cross-sell both games for the first time.Ī year later, the price of a Powerball ticket increased from $1 to $2, and initial jackpots doubled. Cohen, author of “For a Dollar and a Dream: State Lotteries in Modern America.” Meanwhile, instant scratch-off games grew in popularity and became the primary form of lottery play. Many haven't saved nearly enoughĭuring the 1990s, however, players started to get “jackpot fatigue,” and Powerball required larger and larger prizes to sustain interest, said Jonathan D. Gen Xers are next in line for retirement. Powerball soon offered a $100 million jackpot. “What we are hearing is that people like the big prize but they want a better chance of winning smaller prizes,” said Oregon Lottery director James Davey. The game was re-branded as Powerball in an effort to give players a better chance to win smaller prizes. That year, it offered a $20 million jackpot, and in 1991, the pot hit $50 million.īy 1992, Lotto America had grown to include fifteen states. He said he would use the $3 million prize to save his family’s farm.Ī year later, Lotto America changed to selecting six numbers from a field of 54. The odds of winning the top prize were about 1 in 19 million, compared with odds of about 1 in 8 million in most state lottery games, officials said.Īn Iowa farmer who had gone bankrupt was the first Lotto America winner in 1988. Players whose numbers matched those selected in a weekly drawing would win a jackpot determined by the total number of tickets sold. Lotto America initially offered players a chance to choose seven numbers from a field of 40 for a minimum bet of $1. ”This is a whole new ballgame,” Lotto America spokesman Jack Ratigan said at the time. Expenses for running the drawings and profits from ticket sales were split among the jurisdictions in proportion to each state or district’s ticket sales. ![]() Officials hoped Lotto America would offer average weekly jackpots of $3 million to $5 million, with the possibility of higher prizes after a year or two. The interstate lottery was modeled after those in Canada and the US Virgin Islands. ”Our motivation is to offer Oregonians a chance to play in games they could play in one of the big states,” then-Oregon Lottery director James Davey said. They also hoped the bigger pots would entice first-time players. joined together to create Lotto America as a way to pool money and offer larger prizes. So officials in Rhode Island, Oregon, Missouri, Iowa, Kansas, West Virginia and Washington, D.C. The Powerball jackpot is huge, but here are 3 better ways to increase your wealth Francine Orr/Los Angeles Times/Getty Images The winning numbers drawn Friday were: 4, 18, 31, 53, 69 and the Mega number was 7.Powerball and Mega Millions lotto tickets are sold at Foremost Liquor Store on Sunday, Oct. Two sold in Florida and Missouri were with $2 million, while one sold in West Virginia was worth $1 million. Three tickets with all five numbers, but no Mega, were sold. The estimated jackpot in that drawing, set for Tuesday, will grow to $87 million. There were also no winning tickets sold in the latest Mega Millions drawing. 13, 2016 – California, Florida, TennesseeĢ. The winless streak is due to the abysmal odds of winning: one in 292.2 million.Ī ticket sold at a Rancho Cucamonga store hit five of the six winning Powerball numbers in Wednesday's drawing, netting $1,556,855. That's 36 consecutive draws without a jackpot winner. No one has hit all six numbers since Aug. Get Southern California news, weather forecasts and entertainment stories to your inbox.
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