The upcoming $1.4 billion Powerball jackpot is the world’s fifth-largest lottery prize due to higher interest rates, long odds, fewer ticket sales per drawing, and luck
At $1.4 billion, the Powerball jackpot on the line Saturday night is the world’s fifth-largest lottery prize, due to higher interest rates, long odds, fewer ticket sales per drawing and, of course, luck. A combination of all those factors means that unless there is a winner soon, the jackpot could top the record lottery prize of $2.04 billion won last November by a Powerball player in California.
That winless streak shouldn’t be a surprise because it shows the game is operating as it was designed. The immense jackpot odds of 1 in 292.2 million are intended to make winning rare so the grand prizes can grow so large. People may say they would be satisfied with winning a smaller sum, but it’s the giant jackpots that prompt people to drop a few dollars on a Powerball ticket at the mini mart.
Plenty of people buy Powerball tickets, but sales are far less than seven or eight years ago, when jackpots began to grow much larger after a change in the game’s odds. Before the jackpot odds worsened in 2015 from 1 in 175.2 million to 1 in 292.2 million, more people won the top prizes, so they didn’t grow so massive. Initially, the giant prizes attract giant sales. For example, on Jan. 13, 2016, when a Powerball prize reached $1.
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$1.4 billion Powerball prize is a combination of interest rates, sales, math — and luckThe upcoming $1.4 billion Powerball jackpot is the world’s fifth-largest lottery prize due to higher interest rates, long odds, fewer ticket sales per drawing, and luck. A combination of all those factors means the jackpot could eventually top the record lottery prize of over $2 billion won last November. Someone last won the Powerball jackpot on July 19. Since then it has grown three times a week. The winless streak shouldn’t be a surprise because it shows the game is operating as it was designed. The immense jackpot odds are intended to make winning rare so the grand prizes can grow so large.
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