You may want to think twice before plunking down even a paltry $2 to play Powerball this coming October, the 36-state lottery. LoHud.com reports that the odds of winning the top prize – historically anywhere from $2 million to $600 million -- will jump from 1 in 175,223,510 to 1 in 292,201,338.
Hope springs eternal for your chance to double your investment to $4 though, as the odds for that win just improved from 1 in 111 to 1 in 92. In fact, the likelihood of any players winning some kind of reward will get a boost to 1 in 25, up from 1 in 32.
Powerball currently asks players to choose from two fields of numbers: 59 in the first field, and 35 in the second. That all changes in October, when players will have to choose from 69 numbers in the first field and 26 numbers in the second.
|Jackpot Statistics for Powerball (Multi-State)|
|Highest||$600.00 Million||SAT 05/18/13|
|Lowest||$10.00 Million||WED 06/12/02|
|Highest||$250.00 Million||SAT 05/18/13|
|Lowest||$2.00 Million||WED 06/19/02|
The new Powerball rules will increase the odds of winning any prize and decrease the odds of winning the big jackpot, effectively reducing the money for the top prize from 68 percent to 64 percent. Maybe the execs at Powerball want to spread the wealth in order to solve income inequality.
Yesterday, the New York State Gaming Commission, which oversees the game, approved the new rules which will go into effect with the October 7th drawing later this year.
The Powerball jackpot hit a record $590.5 million in 2013, but sales have slumped since then. The lack of a huge jackpot led to a decline in Powerball sales of 19 percent in 2014. In New York alone, Powerball sales plummeted 44 percent, by $217 million.
By shifting the Powerball wealth, officials are hoping that more people will play and feel like a winner.
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