Powerball lottery prize soars to $400 million

NEW YORK Sun Feb 16, 2014 10:40am EST

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NEW YORK (Reuters) - The Powerball jackpot rose to $400 million on Sunday, one of the largest prizes in the lottery's history.

The jackpot soared by about $70 million after there were no winning tickets sold to claim a $330 million prize in a drawing on Saturday.

The next drawing was scheduled for Wednesday, according to the Multi-State Lottery Association, which runs the Powerball game.

Over the past two years, Powerball prizes have nearly doubled in size after ticket prices rose to $2 from $1 and California, the nation's most populous state, joined the game.

Powerball is played in 43 states, Washington D.C. and the U.S. Virgin Islands. Chances of winning the big prize, regardless of how many tickets a typical player buys, are one in 175 million, the lottery said.

In August, a Powerball ticket worth $448 million was shared by three winning tickets held by a man in Ham Lake, Minnesota, a man in Monmouth Junction, New Jersey, and a group of 16 co-workers in Ocean County, New Jersey.

In the biggest haul, a single Powerball winner took home $590 million before taxes after purchasing a winning ticket in Florida in May 2013.

Average jackpots are about $255 million, according to the Powerball website.

(Reporting by Victoria Cavaliere; Editing by Ellen Wulfhorst and Nick Zieminski)

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Comments (4)
Speednet wrote:
Unfortunately, the article is wrong. The article states, “Chances of winning the big prize, regardless of how many tickets a typical player buys, are one in 175 million”.

That is blatantly wrong. The odds are still bad if you buy multiple tickets, but they do not stay 1 in 175 million as you purchase additional tickets. For example, if you purchase 100 tickets, your odds of winning become 1 in 1.75 million. That’s still awful, but mathematically true.

Think about it: if you purchase half the available numbers (87,500,000 tickets), then your odds are 1 in 2 of winning. The odds are not 1 in 175 million at that point.

Certain lottery players are very opposed to pointing out this mathematical truth, for whatever reason. I guess they just want to make clear that it’s very hard to win. Or maybe they are upset that somebody else’s odds are better than theirs because they spent more money. Whatever the case, the odds are simple mathematics, not an emotional statement.

Feb 16, 2014 8:50pm EST  --  Report as abuse
joshua97 wrote:
why is it that no one in the state of tennesse through out its tenure as a client state why does Tennessee law maker do not disallow it to be sold in the state of tennessee

Feb 19, 2014 10:49pm EST  --  Report as abuse
joshua97 wrote:
why is it that no one in the state of tennesse through out its tenure as a client state why does Tennessee law maker do not disallow it to be sold in the state of tennessee

Feb 19, 2014 10:49pm EST  --  Report as abuse
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