Powerball jackpot soars as hopefuls bet big

With no winner in Wednesday night's drawing, the prize tops $250 million for the third time in the past year.

By Kim Peterson Mar 22, 2013 1:23PM
Image: Lottery Tickets ( Scott Speakes/Corbis/Corbis)Powerball fans have another prize to dream about this week after no one won Wednesday's $260 million jackpot. That leaves some $320 million up for grabs for Saturday's drawing.

And that total could grow as people line up for the chance to win.

The current Powerball jackpot is making history as one of the game's largest annuities ever. The cash payout is estimated at $198.3 million.

This is the third Powerball jackpot to top $250 million in less than a year, ABC news reports.

And lottery fever is kicking in, even though your chance of winning is about 1 in 175 million. But people are jumping at the chance to buy some hope and fantasize for a little while about what they would do with the money.

Some 43 states and Washington D.C. participate in the Powerball, creating an economic boost at a time when the country needs it. But it's not as much of a boost as you'd think.
Only about a quarter of lottery sales go to state governments, helping schools, construction and other programs, CNN reports. About 60% of the sales are paid to the winners, about 6% are commissions for retailers and 9% pay for administrative costs.

Some economists say that if you actually went out and spent that money on goods and services instead of gambling it away, the economy would see a bigger boost.

But if you must play, consider going to the fortune cookie for your winning numbers. In 2005, 110 players got five of the six numbers right, raising suspicion among lottery officials, The New York Times reports. But there was no fraud involved; those players all took their winning numbers from fortune cookies made by a New York City factory.


More on moneyNOW


13Comments
Mar 22, 2013 4:13PM
avatar
you also need to factor in the 35% + in taxes that the fed and state govts receive
Mar 22, 2013 1:49PM
avatar
People talk about means testing for SS or medicare benefits.  Maybe we should means test for lottery ticket purchases.  If you are on food stamps, welfare, section 8 housing, medicaid, free lunch program or any other entitlement program, you should not be allowed to purchase lottery tickets.
Mar 22, 2013 2:05PM
avatar
Stand a better chance of getting hit by lightning, but good luck anyway
Mar 23, 2013 6:41PM
avatar
(Some economists say that if you actually went out and spent that money on goods and services instead of gambling it away, the economy would see a bigger boost.)

Why then do companiesin  the United States send their IT, Manufacturing, etc... to other countries boosting their economy other then ours. these economist  should look at the big picture instead of what Washington wants them to say. OUR MONEY WE DO WITH IT AS WE WISH, or are we going to be another Greece?
Mar 23, 2013 1:54PM
avatar
The big payouts speak loudly to our countries continued decline in faith in themselves and true happiness. 
and sadly people desperately desire things they can not have, instead of having the gratitude of each day and what it brings them.
THE PARADOX OF OUR AGE
We have bigger houses but smaller families
more conveniences, but less time;
We have more degrees, but less sense;
more knowledge, but less judgment;
more experts, but more problems;
more medicines, but less healthiness;
We've been all the way to the moon and back, but have trouble crossing the street to meet our neighbor.
We built more computers to hold more information to produce more copies than ever, but have less communication. 
We have become long on quantity, but short on quality.
These are times of fast food but slow digestion;
Tall man but short character;
steep profits but shallow relationships.
It's a time when there is much in the window, but nothing in the room.
H.H. The XIV th Dalai Lama
 
Mar 23, 2013 3:48PM
avatar

Of the people that do play, think of what that amount of money can do for states, the store(s) that sell the ticket(s), the senior citizens programs that benefit in many states.  Imagine what an intelligent person(s) can do with that money to aid in boosting the economy, if nothing else in at least one or more of the 32 states the Powerball is in.  I look at it this way, if you are a miserable person with $10.00 in your pocket, you will still be a miserable person with $10,000,000.00.  Good LUCK to everyone who plays this evening.

Mar 24, 2013 2:27PM
avatar

Well it is a moot point today....

 

It all went to New Jersey....Last night/this A.M.   .....$338,000,000.  woooohooooot !!

 

Can't think of a better place, let's get that Locale clean-up.

Mar 22, 2013 3:59PM
avatar
it's really a shame that they can't just pass out a cool million (plus) to every living person in the US - talk about boosting the economy! they then tax it (getting more revenue) the country is out of debt, most of the US is personally out of debt and then they can quit giving tax payer $$$ to foreign countries, oh and  this would get everyone off of welfare, so that would be wiped clean, all they have to do is use our Tax return information to see bank accounts, Names & what not!!!
Mar 22, 2013 1:37PM
avatar

It has been said before, instead of new items improve the quality of the standard menu.  I go every few months and when I do I am reminded of why I don't eat there as often as I used to. .  Warm fries, dry over cooked burgers, etc.  If you are lucky to get a burger fresh off the grill it is quite good, but if it is pulled from the warming oven of death well you might as well give up,  

Report
Please help us to maintain a healthy and vibrant community by reporting any illegal or inappropriate behavior. If you believe a message violates theCode of Conductplease use this form to notify the moderators. They will investigate your report and take appropriate action. If necessary, they report all illegal activity to the proper authorities.
Categories
100 character limit
Are you sure you want to delete this comment?

DATA PROVIDERS

Copyright © 2014 Microsoft. All rights reserved.

Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.

Trending NOW

What’s this?

MARKET UPDATE

[BRIEFING.COM] The stock market punctuated July with a broad-based retreat that sent the S&P 500 lower by 2.0% with all ten sectors ending in the red. The benchmark index posted a monthly decline of 1.5%, while the Russell 2000 (-2.3%) underperformed to end the month lower by 6.1%.

To get a better feel for what led to today's retreat, we'd like to look back to Wednesday, when the market had ample reason to rally, but did not. Instead, it ended basically flat after a sloppy day of ... More

MSN MONEY'S