Powerball Update: Game Sales and Interest Rates to Determine Advertised Powerball Jackpot

April 2, 2020
FOR IMMEDIATE RELEASE
Contact: WILotteryCommunications@wisconsin.gov

Powerball Update: Game Sales and Interest Rates to Determine Advertised Powerball Jackpot

Guaranteed starting jackpot amounts and minimum jackpot increases to be eliminated

MADISON, Wis. – The Powerball Product Group today announced its decision to determine Powerball’s advertised jackpot based on game sales and interest rates. Following the April 8 drawing, guaranteed starting jackpot amounts and minimum jackpot increases will be eliminated, and future jackpot increases will be determined and announced by the Product Group prior to each drawing. Previously, Powerball® jackpots started at $40 million (annuity) and increased by a minimum of $10 million (annuity) between drawings.

“These changes are necessary to ensure that ticket sales can support the Powerball jackpot and other lower-tier cash prizes,” said Gregg Mineo, Powerball Product Group Chairman and Maine Lottery Director. “Our number one priority is making sure that the Powerball game can continue to assist lotteries in raising proceeds for their beneficiaries.”

The Powerball Product Group announced plans last week to reduce the starting jackpot to $20 million (annuity) and minimum jackpot increases to $2 million (annuity) between drawings. Those changes were scheduled to go into effect after the current jackpot was won. However, due to the evolving COVID-19 pandemic, the Powerball Product Group revisited the topic and decided Powerball’s advertised jackpot should be determined by game sales and interest rates effective following the drawing next Wednesday.

“Since last week, more states and cities have asked their residents to stay at home, which has affected normal consumer behaviors and Powerball game sales,” said Mineo. “In response to the public health crisis, interest rates have declined. As a result, additional game sales are necessary to fund comparable jackpot amounts.”

The advertised Powerball jackpot for Saturday’s drawing is a guaranteed $180 million. If the jackpot rolls, it will grow to a guaranteed $190 million for the April 8 drawing. If the jackpot is won on Saturday night, it will reset to a guaranteed $20 million for the April 8 drawing and continue to grow based off sales and interest rates.

Powerball tickets are $2 per play. Tickets are sold in 45 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. Powerball drawings are Wednesday and Saturday at 9:59 p.m. Tickets must be purchased before 9 p.m. on Wednesday and Saturday to be included in that day’s drawing. The overall odds of winning a prize are 1 in 24.9 and the odds of winning the Powerball jackpot are 1 in 292,201,338.

Please visit wilottery.com/covid-19 for the most up-to-date Lottery information. Visit www.wisconsin.gov/covid19 for the most up-to-date information on COVID-19 in Wisconsin.

ABOUT THE WISCONSIN LOTTERY

The Wisconsin Lottery enriches communities statewide by giving back 93 percent of its revenue to winners, retailers, and Wisconsin homeowners. Of each dollar spent on the Wisconsin Lottery, 57 cents goes back to prizes, 30 cents to property tax credits, seven cents to operations, and six cents to retailers.

Since 1988, the Wisconsin Lottery has generated:

·      More than $15.3 Billion in total revenue

·      Over $8.7 Billion in prizes paid

·      More than $4.6 Billion in funding for property tax credits to eligible Wisconsin homeowners

For more information on the Wisconsin Lottery, visit wilottery.com. Follow the Wisconsin Lottery on Facebook (/wilottery), Instagram (@wilottery), Twitter (@wilottery), and YouTube (/wilottery).

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