PowerBall Fever Grows with Lottery Jackpot Estimated to be $380 Million - SavingAdvice.com Blog - Saving Advice Articles
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PowerBall Fever Grows with Lottery Jackpot Estimated to be $380 Million

By , February 7th, 2015 | 4 Comments »


The latest Powerball jackpot estimated at $380 million
There are a rush of people out buying lottery tickets for the Saturday evening Powerball lottery drawing which is now estimated to reach $380 million. Despite the long odds, whenever lotteries move above the $300 million mark, there seems to be a lot of people who are willing to take a chance and spend a couple of bucks. If people simply looked at the odds of winning to make the decision to play, they never would since the chances are overwhelmingly in favor of you losing.

One of the reasons the Powerball lottery can get so high is because it’s a multi-state lottery which includes 43 states, Washington DC, Puerto Rico, and the US Virgin Islands. The $380 million estimated prize would make the jackpot a top 10 payout for Powerball, coming in as the seventh highest ever. The largest ever jackpot was for $590.5 million, which was won in May 2013.

One of the reasons many are excited about the giant jackpot is that it’s been awhile for a large Powerball jackpot to become available. It’s been nearly a year since the last jackpot for this game exceeded $300 million. That one was in February 2014, when the jackpot reached $425 million. The person who won that lottery, B. Raymond Buxton, was smart and took steps upon winning that were smart (and anybody who does win should follow).

PowerBall isn’t the only multi-state lottery in town. Mega Millions had a $414 million jackpot in November of 2014, and has awarded the largest lottery jackpot in history. That was for $656 million, which was awarded on March, 30 2012. The main difference between the two competing lotteries is Powerball tickets cost $2 each while the Mega Millions tickets sell for $1 each.

While there are a lot of people who are hoping to win the $380 million, there are also people rooting for nobody winning. This is especially true of the lottery itself. If there isn’t a winning ticket picked on Saturday night, the winning jackpot would roll over until the next drawing. In doing so, the jackpot would potential rival the largest Powerball jackpot (and third largest lottery jackpot in history) which was $590.5 million awarded on May 18, 2013.

The larger the jackpots get, the more attention it brings in the media, and the more people who play which boosts the income of the organizations running the lottery. So while you may be hoping to be an instant multi-millionaire, officials are secretly hoping that nobody wins, and the jackpot eventually makes its way to $1 billion.

(Photo courtesy of Upupa4me)

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