On April 8 another Powerball draw took place. Not unusual, but the decision of the Powerball Product Group afterwards is. It has decided to determine the advertised Jackpot of Powerball based on interest rates and game sales. What does this mean?
Starting Jackpot reduced
The big plans of the Powerball Product Group were announced last week. The starting Jackpot will be reduced to 20 million dollars. At the same time the minimum Jackpot will increase to 2 million dollars. At first, these changes would go into effect after the last Jackpot hit. However, the Corona crisis affected the Powerball lottery as well. The Powerball Product Group thought about the topic again. Eventually it decided that interest rates and game sales would determine the advertised Jackpot.
Effect of the Corona virus
Due to the Corona virus more people than ever stay at home. This has a huge effect on consume behavior and thus the game sales of the Powerball lottery. Currently, interest rates are very low because of this unprecedented health crisis. The Powerball Product Group took action immediately, and thinks that game sales are needed to fund Jackpot amounts.
Guaranteed Jackpot amounts eliminated
Before the decision of the Powerball Product Group, the Powerball Jackpots started with 40 million dollars. This huge amount of money increased with at least 10 million dollars (annuity) between every draw. There are some changes now, because the minimum Jackpot increases and guaranteed Jackpot amounts will be eliminated. At the same time future Jackpot increases will be determined and announced by the Product Group before each drawing.
Why these changes in 2020?
The Powerball Product Group has implemented these changes so that the ticket sales can support all the Powerball prizes, including the Jackpot and lower cash prizes. Gregg Mineo, who serves as the Powerball Product Group Chairman and Maine Lottery Director, stated that the company wants the Powerball game to assist lotteries in raising money for their beneficiaries, as it has always been doing.
The Powerball Jackpots often exceed 100 million dollars. For example, on a recent Saturday draw it was a guaranteed 180 million dollars! If there’s no Jackpot hit, it increases with millions of dollars. 190 million dollars is no exception. If the Jackpot has been won, it resets to 20 million dollars again. After this it will increase again. How much exactly depends on interest rates and sales.
How to buy a Powerball lottery ticket?
Perhaps you’ve become very enthusiastic about the Powerball lottery. Luckily, a ticket only costs 2 dollars per play. The Powerball Lottery is very popular in the United States, because 45 states participate. You can also buy a ticket in Puerto Rico, the District of Columbia and the U.S Virgin Islands.
When and where does the Powerball lottery draw take place?
The Powerball draw takes place in a draw studio of the Florida Lottery, in Tallahassee. Also interesting to know: when a Powerball is sold, more than 50 percent of all proceeds remain in the jurisdiction of the place where the ticket was sold. Make sure that you watch the exciting lottery draw every Wednesday and Saturday at 10:59 p.m.