Sorry, gamblers. The Powerball is changing. On the one hand, it’s going to be more difficult to hit the jackpot, but on the other hand, participants will have a better shot at winning a smaller prize.
In other words, the 36 states participating in the national lottery are making it tougher to get the big prize, but increasing the odds of winning of at least some amount of money. So the odds of hitting the jackpot, which has a record $590.5 million in 2013 and consistently pays out in 30 annual payments that increase over time, will go from one in 175,223,510 to one in 292,201,338.
The odds of winning $4, though? That’ll go up from one in 111 to one in 92, at least.
Soon, the chances of winning something in the Powerball will improve from about one in 32, to one in 25.
“The rules change is intended to increase the odds of winning any prize, while making it more difficult to win the jackpot prize,” said state Gaming Commission in a memo.
To play the Powerball, you select five numbers from one set, and one number from a second set. The new rules will increase the first set of numbers from 59 to 69, and decrease the size of the second set from 35 to 26. The amount for third-prize will also increase from $10,000 to $50,000.
The rule changes will hopefully boost jackpots as Powerball sales, which have slumped since 2013, the year of the aforementioned record prize. In New York specifically, Powerball sales have dipped 44% — that’s a loss of $217 million.
“Without these rules changes, the (Lottery) Division would need to remove the Powerball game from its portfolio of offerings and aid to education would be negatively affected,” read the Gaming Commission memo.
The new odds are scheduled to launch nationwide on Oct. 4, for the Oct. 7 Powerball drawing.
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