Powerball Scraps Minimum Starting Jackpot
Friday April 3rd 2020Powerball will no longer have a guaranteed minimum starting jackpot or minimum rollover increases, beginning after the Wednesday, April 8 drawing.
Instead, ticket sales and interest rates will be used to set the advertised jackpot, the Powerball Product Group of 38 state lotteries has announced.
The game's previous minimum starting jackpot was $40 million and the increase between drawings was at least $10 million.
Only jackpot winners who opt to receive their winnings as a yearly annuity will be affected by the change; those who choose a lump sum cash payout will not be impacted. The game's other prize tiers are also not affected by the change.
“These changes are necessary to ensure that ticket sales can support the Powerball jackpot and other lower-tier cash prizes,” said Gregg Mineo, Powerball Product Group Chairman. “Our number one priority is making sure that the Powerball game can continue to assist lotteries in raising proceeds for their beneficiaries.”
The new changes override Powerball's previous announcement on March 25 that it would lower the starting jackpot to $20 million, with a $2 million minimum increase between drawings.
The fast-moving nature of the coronavirus pandemic required a new response, said Mineo. “Since last week, more states and cities have asked their residents to stay at home, which has affected normal consumer behaviors and Powerball game sales,” he said. “In response to the public health crisis, interest rates have declined. As a result, additional game sales are necessary to fund comparable jackpot amounts.”
Powerball drawings will continue to be held as scheduled on Wednesday and Saturday nights. The jackpot currently stands at a guaranteed $180 million for the Saturday, April 4 draw. Don't want to leave the house? You can still enjoy playing online.
If there's a rollover on Saturday, the jackpot will increase to $190 million for the Wednesday, April 8 draw. If the jackpot is hit on Saturday, it will reset to a guaranteed $20 million for Wednesday's draw, and continue to increase from that point based on sales and interest rates.
Lotteries across the country are making changes to the way they operate to combat COVID-19. Get the latest news on the Coronavirus lottery updates page.
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