Tag Archives: Lotteries

Powerball: Taking My Chances Elsewhere in 2012

Powerball States as of January 31, 2010

Powerball States in Red (Image via Wikipedia)

OK, I admit it.  I have been buying two Powerball lottery tickets per week for YEARS–one for the Wednesday draw and one for the Saturday draw.  One time, a few years ago, I won $100, but mostly I haven’t won anything worth mentioning–a buck here, two bucks there (oops, just mentioned it).  Anyway, for me, I have always considered $1 for a chance at mega riches to be a bargain.  The thrill of dreaming about what I would do with millions has somehow made shredding $1 bills enjoyable.  Over the years, Powerball has done all sorts of things to generate more revenues, such as adding more states (now in 42 states plus D.C.), decreasing the odds to increase the jackpots, and creating the “POWERPLAY” multiplier option.  None of these have generated more revenue from me.  I still pay my $2 per week ($104 per year) for the chance to hit the jackpot.  This week, I read that the cost of a Powerball ticket will increase from $1 to $2 on January 15, 2012.  Wow.  Surely, inflation cannot be the culprit with relatively fixed costs.  I see this move as a huge marketing blunder.  Twice the price for a purely discretionary expense?!?  The dream just got too expensive for me.