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Pricey picks: Powerball lottery tickets will double in price to $2 beginning in January
Washington Post ^ | 1/01/12

Posted on 01/15/2012 6:11:17 PM PST by Libloather

Pricey picks: Powerball lottery tickets will double in price to $2 beginning in January
By Associated Press, Published: January 1

DES MOINES, Iowa — Powerball lottery organizers are betting that bigger jackpots will entice more people to play, but gamblers are going to have to dig deeper into their wallets to try their luck.

Tickets for the multistate game are doubling in price to $2 beginning Jan 15. While the odds of winning one of the game’s giant jackpots also are improving, those in charge of the lottery are gambling that people are willing to pay more for the hope of becoming a millionaire in a down economy.

“With the price of everything else going up, there’s not much you can get for a dollar anymore,” said 28-year-old Ryan Raker, of Des Moines, Iowa, who buys a ticket once a month. He says he’ll probably play less frequently now.

(Excerpt) Read more at washingtonpost.com ...


TOPICS:
KEYWORDS: january; lottery; lotto; megamillions; powerball; price
...he’ll probably play less frequently now.

Duh.

1 posted on 01/15/2012 6:11:21 PM PST by Libloather
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To: Libloather
That will raise the odds of winning from 1 in 192 million to 1 in 175 million.

I don't care if they raise the price. The drop in odds down to a MERE 175 million to 1 makes it a great investment.

2 posted on 01/15/2012 6:18:04 PM PST by bigheadfred
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To: Libloather

If Ryan Raker needs to play less often than he currently does...just once a month....because the price of a ticket is going up $1, he probably shouldn’t be playing lottery at all.


3 posted on 01/15/2012 6:24:30 PM PST by rwfromkansas ("Carve your name on hearts, not marble." - C.H. Spurgeon)
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To: Libloather

I hope their sales drop to half. Would serve these lecherous government chiselers right to realize we the private sector are not an endless cash machine.


4 posted on 01/15/2012 6:29:57 PM PST by Track9 (There IS revolution brewing..)
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The lottery is the only way to tax the poor. Plus you get the added benefit if a poor person wins, there will be an explosion of spending..before he is once again poor.


5 posted on 01/15/2012 6:31:39 PM PST by dsrtsage (One half of all people have below average IQ...In the US the number is 54%)
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To: Libloather

Doubling the taxation on people that are bad at math.


6 posted on 01/15/2012 6:34:30 PM PST by trumandogz
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To: Libloather

My Powerball winnings have doubled! I used to win $1 per week by not playing; now I’ll win $2 per week!


7 posted on 01/15/2012 6:34:37 PM PST by oblomov
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To: anyone

It looks as though I will save twice as much now when I don’t buy lottery tickets.


8 posted on 01/15/2012 6:39:18 PM PST by Coyote Choir
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To: Coyote Choir

Throw your money away twice as fast. Wise.


9 posted on 01/15/2012 6:51:34 PM PST by hal ogen (1st Amendment or Reeducation Camp?)
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To: bigheadfred

LOL


10 posted on 01/15/2012 6:52:34 PM PST by School of Rational Thought
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To: Coyote Choir

Throw your money away twice as fast. Wise.


11 posted on 01/15/2012 6:53:59 PM PST by hal ogen (1st Amendment or Reeducation Camp?)
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To: All

Doubling the stupid tax.


12 posted on 01/15/2012 6:55:24 PM PST by riri
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To: riri

And demand is pretty much inelastic.


13 posted on 01/15/2012 6:56:26 PM PST by dfwgator (Don't wake up in a roadside ditch. Get rid of Romney.)
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To: Coyote Choir
Keep pointing that out and you're destined for a Noble Prize in Economics.

Second prized is hosting a segment on CNBC.

Last Prize is guesting on Al Sharton's pMSNBC show.

14 posted on 01/15/2012 6:59:28 PM PST by Calvin Locke
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To: Libloather

Welfare recipients will be clamoring for a COLA (cost of lottery access) increase!


15 posted on 01/15/2012 7:01:22 PM PST by RetiredTexasVet (There's a pill for just about everything ... except stupid!)
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To: Libloather

Don’t buy lottery tickets; it only affects your odds slightly.


16 posted on 01/15/2012 7:07:12 PM PST by muir_redwoods (No wonder this administration favors abortion; everything they have done is an abortion)
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To: Libloather
Well this is just stupid. many people will throw out a dollar on a longshot, but raising the price 100% in the middle of a recession depression is stupid.

Also the dollar amounts for the prizes haven't doubled with the new rates. Right now if you hit just the powerball number, you get $3.00, a triple gain. The new payout is $4.00, a double gain.

Plus they push the Power Play option, which made it a $2.00 bet, now it will be a $4.00 bet. I can guarantee that sales are going to drop, maybe not at first with all the promotion. But long term bets are going to drop. MegaMillions is still $1.00 and I predict more people will play it more now.

17 posted on 01/15/2012 7:47:03 PM PST by packrat35 (When will we admit we are know almost a police state?)
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To: Libloather

A lottery is like a stupidity tax. The more stupidity you have the more you wind up paying.


18 posted on 01/15/2012 7:49:32 PM PST by Last Dakotan
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To: Libloather

I’ve seen people with EBT cards buy food, then drop %50 on the Powerball, and another $50 in scratch offs.

But, it’s must be a REPUBLICANS fault they have no money, right?


19 posted on 01/15/2012 9:08:34 PM PST by tcrlaf (Election 2012: THE RAPTURE OF THE DEMOCRATS)
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To: tcrlaf

I hate getting stuck behind the idiot at the gas station taking his time choosing scratch-offs, inquiring to the cashier as to which ones are due for a hit. Pick one already!


20 posted on 01/15/2012 11:51:38 PM PST by scott7278 ("...I have not changed Congress and how it operates the way I would have liked..." - BHO)
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To: Track9
I hope their sales drop to half. Would serve these lecherous government chiselers right to realize we the private sector are not an endless cash machine.

It's an insult-to-injury tax on the terminally stupid who think of lottery tickets as "investments for the future".

21 posted on 01/16/2012 2:52:34 AM PST by trebb ("If a man will not work, he should not eat" From 2 Thes 3)
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To: Libloather

Darn, this is going to throw a wrench in my retirement plans.


22 posted on 01/16/2012 2:57:51 AM PST by MaxMax
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