Thread: Powerball at an estimated $600 MILLION as jackpot continues to grow

Powerball at an estimated $600 million as jackpot continues to grow

Published May 17, 2013
FoxNews.com

Powerball numbers are chosen in the drawing at the Florida Lottery on Wednesday, Nov. 28, 2012, in Tallahassee, Fla. The numbers drawn in the $579.9-million game were: 5, 16, 22, 23, 29 and Powerball of 6. (AP Photo/Phil Sears) (AP2012)

The Powerball jackpot soared to an estimated $600 million -- the third largest lottery in history -- as dreamers in all but the seven states where the game isn't played snatched up tickets for the minuscule change at a life on easy street.

Officials expect the jackpot to keep growing before Saturday's drawing that could break Powerball's November 2012 record of $587.5 million.

Thursday's announcement by the Iowa-based Multi-State Lottery Association means ticket sales have soared since Wednesday night's drawing for an estimated $360 million jackpot, in which no one picked all six numbers correctly.

Sales jumped by $260 million in the days before November's biggest Powerball jackpot win. And Iowa Lottery spokeswoman Mary Neubauer said it's possible that Saturday's could end up eclipsing that amount.

Lottery officials expect jackpot totals of this size to continue to climb in shorter amounts of time, thanks in part to a game redesign in January 2012 that increased the odds of winning some kind of prize, but also lowered the possible number combinations to win the Powerball.

There's also "cross-selling" of Powerball and Mega Millions tickets -- states being able to sell both Powerball tickets and Mega Millions tickets -- that began in January 2010. As a result, large jackpots will continue to surpass all-time jackpot records set years ago, said Neubauer.

"It usually took a handful of months, if not several months, for a jackpot to reach this large amount," she said. "Now it's achieving that within a handful of weeks. I think the redesign is achieving exactly what we had wanted it to achieve, which is the bigger, faster-growing jackpot."

The redesign means players don't necessarily have to strike big to get lucky. A $1 increase and new $1 million and $2 million prizes means the odds of winning something have increased. On Wednesday, $1 million prizes were won in 16 states, and $2 million prizes were won in two states.

In fact, more than half of the all-time jackpot records have been reached in the last three years. The top two all-time jackpots -- $656 million from a Mega Millions jackpot and $587.5 million from a Powerball jackpot -- were achieved in 2012.

The last major jackpot win came when a New Jersey man won a $338.3 million jackpot on March 23. It is now considered the fourth largest Powerball jackpot in history.

Players aren't complaining about the large sums. Rachel Rand said she just couldn't help herself and bought several Powerball tickets.

"How can you not play $2?" said the 32-year-old insurance adjustor. "A $10 investment if you win is pretty good."

Insurance agent Joe Williams, of Middleton, Wis., doesn't necessarily spend more when the prize is high. But his $4 investment in the quick-pick option means he does spend.

"I know rationally it makes no sense," he said. "But at the same time, without a ticket, I have zero chance."

Tom Powers, 52, a janitor from Omaha, Neb., bought several tickets Tuesday from a convenience store. He said he would definitely walk away from work if he won the jackpot, but he's not sure how he would spend all the winnings.

"It's really unfathomable the amount of money this is putting out," Powers said.

California has sold $83 million worth of Powerball tickets since April, when it joined 42 other states that offer the game. Since then, the most populous state has accounted for 11 percent of the game's sales, fueling such fast-growing mega-jackpots like the latest one that has the potential to be a record-breaker.

Norma Wagoner was among the Nevadans trying their luck. She and a group of friends pooled their money to buy 20 tickets and sent one over the state border to endure the long lines.

"Everybody has dreams," she said. "All it takes is one ticket."

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2nd largest jackpot in history

Powerball jackpot hits $600 million

The jackpot has a cash value of $376.9 million, according to the Multi-State Lottery Association. It's the second-largest jackpot in U.S. history and the largest in the history of the Powerball game. FULL STORY