The First Billion Dollar Lottery Prize Is Coming
The age old measure of wealth is millionaire. But this will soon be eclipsed by a new class of wealthy, billionaire. And I don’t just mean the Mark Zuckerberg’s of the world who are billionaires through entrepreneurship. But, the longest shot of getting wealthy, the lottery.
The largest lottery prize to date was a Powerball ticket from a few years ago that had a prize of $360 million. There have been multiple 300 million dollar prizes, but this is a recent occurrence as prizes typically never reached that level. The Powerball game has changed over the years including adding additional states as well as increasing the odds of winning by adding balls and other adjustments. These adjustments have caused prize levels to increase.
That other big lottery game, MegaMillions also offers large prizes, but it lags Powerball in states, tickets bought and initial prize size.
The latest adjustment to Powerball has accelerated the growth of the top prize. Powerball recently increased the ticket price from $1 to $2 per ticket. This change increases the money available for prizes faster than before. We are already seeing the effects of the ticket price increase. In just 3 weeks, the top prize has gone to 300 million. This is twice as fast as the other times when the 300 million dollar level was reached.
As of February 9th, the prize rolled over from $250 to $310 million in just one drawing! Under the right conditions, the prize could zoom past $500 million. When the prize gets to a gargantuan size, more people participant, including those whose are not the regular lottery players (like me). Whenever you can get a better than odds bet, you should take it. These big money lottery games are the only legal way to get a better than odds bet. When the prize is larger than 175 million dollars this is when you should buy some tickets.
The counter balance is that a big prize causes more of the numbers to be played leading to a winner. There are “only” 175 million combinations to be played. So, when the prize increases 60 million dollars in one drawing, this leads to 1 in 5 chance that someone will win. That’s pretty low odds, but it is still quite possible that no winner will be drawn.
Larger prizes are inevitable going forward. With a few changes and the right luck, we could see the first billion dollar prize soon.