Powerball jackpot grew to $500 million Tuesday as part of plan lottery officials put together early 2012.
Powerball jackpot grew to $500 million Tuesday as part of plan lottery officials put together early 2012 to build jackpots faster, and generate revenue for states that run the game.
Reportedly, in fiscal 2012, Powerball sale hit a record $3.96 billion and is expected to touch $5 billion by year end, Chuck Strutt, executive director of the Des Moines, Iowa-based Multi-State Lottery Association, the group that runs the Powerball game told the Associated Press (AP).
The jackpot payout posted at $425 million revised upward to $500 million owing to robust sales. The sum is identified as the second highest jackpot in history, behind only $656 million mega million prize given out in March.
Apparently, it took nine weeks for mega millions jackpot to attain that high before three winners from Kansas, Illinois and Maryland won the lottery, each collecting $218.6 million, AP has pointed out.
Although odds of winning the jackpot are not high, the extra dollars that come through sales appear to provide relief to the city and the state coffers.
While half the proceeds go to the prize pool, the remaining will be shared by the 42 states, Washington, D.C., and the Virgin Islands, where Powerball is played. The money collected is usually provided for education and charitable initiatives, in addition to overhead compensation given to winning stores, The Kansas City Star has reported.
Soaring jackpots result in soaring sales, and for states playing the game, this implies higher revenue.
"The purpose for the lottery is to generate revenue for the respective states and their beneficiary programs," Norm Lingle, chairman of the Powerball Game Group said. "High jackpots certainly help the lottery achieve those goals."
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