The Powerball jackpot has been growing since November 7 and hit a world record high with potential winnings of $949.8 million on Saturday, January 9. The huge amount of money up for grabs on Saturday was due to a spike in ticket purchases after nobody won the $700 million prize on Wednesday night. Without a winner on Saturday, either, people have been continuing to purchase more Powerball tickets in hopes of winning, even though the odds of winning have changed from 1 in 175,000,000 last February to 1 in 292,000,000 eleven months later.
Each time nobody wins the huge haul, the jackpot climbs. If someone was to win the next drawing on Wednesday night, they'd be taking home $1.3 billion.
Personally, I don't see a reason to play the Powerball because the statistics are against you. The chances of winning are so slim that it's a waste of money to try.
Questions
Because the odds of winning are so small, why do you think people play?
What would you do with the money if you won?
Replies
Interesting topic and well done!
Because I think there is a closer chance of winning the money! so i think more people keep getting them and buying them because nobody has won yet. I would help out some family members and most of it save for me and collage and be able to have money left over for retirement when i retire and be able to have things to buy when i don't have a job..
Some lottery winners definitely do spend their money on things they don't need and end up losing it all. I would hope that I'd manage my money better than that. You're definitely right about that second part there - the more you buy, the bigger chance you have of winning. It's an addicting game and I'm sure spending all their money on lottery tickets has taken a huge financial toll on some people.
I think that people play the powerball because they think they're lucky or just need any chance of money. If won the powerball I would probably put it into a safe and secure place so that I don't waste it on unnecessary things or lose it.
I would definitely give everybody in my family stuff they need. Like pay bills, buy food, new car (if they needed it), New clothes, shoes. I heard a guy won this the other day. He said he was donating 100% of it.
It would be so nice to be able to pay for things my family needed. I'd love to be able to set aside enough to pay the bills for the rest of my life and never worry about hospitals bills if something were to happen to somebody. There are a lot of practical uses for the money.
My dad had never bought a lottery ticket, but he bought some a few days ago. They are probably thinking that they could spend a few dollars to have a chance, no matter how small, to win $949.8 million. If I won, I would win, I would save most of it, but I would probably spend some of it on a trip to somewhere outside the US.
That's one thing I have heard - a lot of people who have never bought lottery tickets before are purchasing them now. I also haven't heard this much about the lottery in years. Clearly, crossing the billion barrier opened a floodgate of new players.
I would also like to take a trip - what's a couple thousand dollars out of $1.3 billion?
I think people play because no matter the chances, we always try and defy the odds. People are always looking for a way to make their lives better but never actually do it ... This is their way of fullfilling their need, although it'll probably never happen! If I were to win, I'd put most of the money away for college and then invest a small portion in the market.
That's a good point. This is an easy way to make your life better. Unfortunately, the chances of your life improving this way are slim to none, and by slim to none, I mean none. It's interesting how people put so much stock into being able to make their lives better on odds like this but won't do the simple things like picking up a hobby or staying more organized to make life enjoyable.
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