Game Sales, Interest Rates to Determine Powerball Jackpot
Guaranteed starting jackpots, minimum jackpot increases to be eliminated
LITTLE ROCK, Ark. (April 2, 2020) — Today Bishop Woosley, director of the Arkansas Scholarship Lottery, announced the Powerball® Product Group will begin 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,” Woosley said. “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 Woosley. “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. Drawings are held every Wednesday and Saturday at 9:59 p.m.
About the Arkansas Scholarship Lottery
More than 92 cents of every dollar of ASL revenue goes to prizes, scholarships, retailer commissions, and other expenses in Arkansas. Since 2009, the lottery has raised more than $930 million in proceeds for scholarships. More than 542,000 college scholarships have been awarded to Arkansans. The lottery has awarded more than $3 billion in prizes to players, about $271 million in retailer commissions and provided more than $131 million in state and federal tax revenue.
Follow the Arkansas Scholarship Lottery on Facebook, Twitter and Instagram. Visit MyArkansasLottery.com for more information on scholarships, winners, games, odds, promotions – and to join The Club for free. To hear winning numbers, call the Winning Numbers Hotline at 501-682-IWON (4966). To get help with problem gambling, contact the National Problem Gambling Helpline at 1-800-522-4700.
CONTACT: Bishop Woosley at 501-683-1890 or Bishop.Woosley@arkansas.gov for more information.
SOURCE: Arkansas Scholarship Lottery.Tags: powerball, Arkansas Scholarship Lottery