This may have happened to you recently – You walked into your neighborhood convenience store, went up to the clerk behind the counter,and asked for a Powerball ticket. She printed out the ticket, gave it to you, and said, “That will be $2 please.”
$2? For a Powerball ticket? You may have thought to yourself, “Did the price just increase?” Actually, yes it did. Prior to January 15, 2012, the price for one play was $1. On January the 15th, the price doubled to $2 per play.
That’s like 100% inflation, you might be thinking. Are you surprised? Perhaps you shouldn’t be. Next time you’re at that same convenience store, take a look around that front desk. You’ll notice dozens of colorful instant scratch-off tickets on display. Take a closer look at those scratch-offs. Notice the varying price levels? Some of them cost just a dollar. However, some of them cost $2, or $5, or $10, or even $20. Different pricing schedules for different scratch-off tickets. So, why then, would you be surprised that Powerball now costs $2 to play?
Lotteries are just like any other goods in the marketplace. You have different choices that you can make in regards to what you purchase. You don’t have to buy a Powerball ticket if you’re not happy with the price. There’s still plenty of other lotto options, including state games and Mega Millions. You could always choose to play those games. However, Powerball gives consumers something that most of the other games don’t – Higher jackpots.
With the increase in price of a Powerball 파워볼 ticket, you also get increased jackpot amounts. For example, prior to the price increase, Powerball jackpots started at $20 million. Following the price increase, jackpots will start at $40 million. Not only will the initial jackpot start at a higher amount, it will also grow at a higher velocity, making hundred million dollar plus jackpots more commonplace.
For those higher jackpots, consumers have to pay more, hence the price increase. You cannot increase the jackpot of a lottery game without increasing the price or making it harder to win. Powerball was already hard enough to win as it was, so making it even harder would not have been a smart move. Increasing the price was a smart move.