How Will The Powerball Ticket Price Increase Affect You As A Lottery P…
If you haven’t heard the news, here it is – The price of a Powerball ticket will increase from the present $1 to $2, starting in January of 2012. How will this affect you as a lottery player? This article provides the lowdown.
First, let me start by explaining all of the changes that will come with the Powerball ticket prices increase. For the additional dollar, you will get four things:
1. The odds of winning the jackpot will get better, from the present 1-in-195-million (Approx.) to 1-in-175-million (Approx). That method that it will get easier to win the big prize.
2. The odds of winning any prize will also get better, from the present 1-in-35 to 1-in-31.8. That method that it will get easier to win any prize.
3. The minimum jackpot will increase from the present $20 million to $40 million. That method that there will be more money on the table obtainable to be won.
4. The jackpot rollovers are expected to grow at a faster rate. That method that you’ll get to the enormous jackpot levels at a quicker rate.
The above four points are all good things. But are there any negatives? Yes there are.
First off, the price of a Powerball ticket will double. That’s like 100% inflation. That’s big.
Now, the odds of winning per ticket are increasing, but the odds of winning per dollar spent are decreasing. Here’s what I average, right now if you buy two Powerball tickets, it will cost you $2, and the odds of winning the jackpot with two tickets would be approximately 1-in-97.5-million. Starting in January of 2012, each ticket will cost $2 and the odds of winning with the $2 spent would be approximately 1-in-175-million. So, that method, that your real odds of winning, when you look at it per dollar spent, will truly get worse when the price of a ticket doubles in January of 2012.
So really, Powerball is putting a spin on the odds to justify a price increase. But if you know your math, as you now do, you know that this just isn’t the case.
Of course, the new rules will also cause there to be bigger jackpots that grow at a faster rate. That’s definitely a good thing if your dreaming about big-time wins.
So, as you could see, the Powerball ticket price increase will affect you, as a Powerball player. The price increase will bring some positives and some negatives. It’s up to you to decide if the $1 price increase is worth it.