Powerball Run Generates Millions in State Lottery Revenue for Government Programs
Posted on: October 13, 2023, 11:48h.
Last updated on: October 13, 2023, 11:59h.
Wednesday night’s Powerball drawing delivered a player in California with a $1.765 billion prize, the second-largest lottery win in US history. The near-record jackpot was created after Powerball players went 35 straight drawings without a single ticket matching the five white balls and red Powerball.
The identity of the person who purchased the lucky ticket in Frazier Park north of Los Angeles hasn’t yet been revealed. The California State Lottery allows Powerball and Mega Millions jackpot winners to wait up to a year to redeem their prize.
The holder of the Powerball ticket that won Wednesday’s drawing has the option to collect the full value of the $1.765 billion prize paid out over 29 years through annual disbursements or choose a one-time cash option of $774.1 million. Both amounts are before the federal government takes its 37% cut.
Along with the jackpot ticket and the more than 5.3 million tickets that won some sort of prize on Wednesday night, the drawing concluded the jackpot-less run that generated tens of millions of dollars for state lotteries that participate in Powerball.
State Proceeds
In California, where the lucky $1.765 billion jackpot play was sold, state lottery officials said the Powerball run delivered the state $119.5 million in net revenue. The California Lottery primarily benefits K-12 public schools in the Golden State.
We’re just really excited that we can continue to serve our purpose of generating supplemental funding for public education,” said California Lottery Director Alva V. Johnson at a press conference on Thursday in Frazier Park at the Midway Market where the ticket was purchased. “We couldn’t do this without the important partnerships we have with the 23,000 brick-and-mortar retailers that sell lottery tickets to people who want to buy our fantastic products. We’re grateful for them helping us with this important mission.”
The owners of the Midway Market received a check for $1 million for selling the jackpot ticket.
As Powerball’s life-changing jackpot continued to grow over the past month, and more players entered, the Multi-State Lottery Association, which operates the interstate game, said sales blossomed. Week-to-week sales from late September through the first week of October, MUSL officials said, nearly doubled.
Higher sales mean more losing tickets and more revenue for the participating state lotteries.
The Florida Lottery said the Powerball run raised $81.3 million for the state’s Educational Enhancement Trust Fund. The Pennsylvania Lottery said the streak of no tickets hitting the jackpot generated a profit of $54 million, which will be used to benefit older Pennsylvanians.
Jackpot Hysteria on Hold
With Powerball resetting to $20 million and the Mega Millions jackpot currently at $48 million, it will be at least a couple of months until the jackpots grow to amounts that generate media headlines and lure in additional players.
Though each Powerball ticket’s odds remain constant at just one in 292.2 million to win the jackpot — and the Mega Millions jackpot odds are even worse at one in 302.5 million — as more players buy tickets, more number combinations are covered. That improves the chances of the jackpots being hit.
Powerball in 2015 and Mega Millions in 2017 altered their gameplays to make winning the jackpot harder with lengthened odds. Lottery officials said the decisions were to regularly grow larger jackpots to bring in new players and generate higher net revenue for its lotteries.
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Source: casino.org
