Did you know that the highest Powerball jackpot ever was worth around 1.6 billion dollars? While this isn't going to be the payout for every winning ticket, it contributes to the average $141 million in winnings nicely. If you're looking to make bank, you might think that playing this popular lottery game is one of your best bets.
But how much does a Powerball ticket cost, exactly? Should you add a Power Play option? Here, we're going to answer some of your most pressing FAQs about the Powerball lotto, so read on if you plan to play.
How Much Does a Powerball Ticket Cost?
A Powerball ticket costs $2 with no add-ons. This price allows you to choose 5 lottery numbers (between 1-69) as well as 1 Powerball number.
To win, you need to match the Powerball number with the drawing. The winnings increase as you match regular lotto numbers with those that are drawn as well.
This may sound fairly simple, but is it worth it? Some people believe that it is- after all, the ticket is really inexpensive. However, the odds of winning are pretty low, so you'd need to lose more money on the tickets than you're likely to make.
Odds and Payout of Powerball
The Powerball lottery prides itself on having consistent odds regardless of the jackpot size. Whenever you buy a Powerball ticket, your odds of winning are 1 in 24.9.
This may initially sound pretty awesome- who wouldn't want a 1/25 chance of becoming a multimillionaire?
Unfortunately, these aren't your chances of winning the jackpot (or even a share of it). These are just the chances that you will get the lowest possible payout. This payout is $4, meaning that you'll only get a $2 profit from when you purchased your ticket. Your odds of winning the jackpot are about 1 in 292,201,338.
Generally, since your chances of being struck by lightning are higher than those of winning this sum, wasting $2 on a Powerball ticket isn't worth it. Buy some candy at the dollar store instead.
How Much Is Adding a Power Play Option?
But is a Powerball ticket worth it if you add the Power Play option? The short answer to this question is still no.
Power Play costs $1, so it's pretty low risk. However, if you're just concerned about the jackpot, it doesn't increase your chances of a grand prize at all. It's still an unfortunate 1 in 292,201,338 odds.
The one thing that Power Play does do is increase your winnings if you win smaller sums. A 2x Power Play on a $4 prize brings it up to $8. 3x is $12 and 4x is $16.
The number increases consistently by adding the amount of the first winning onto it for every exponent. For example, a 5x Power Play of $100 in winnings will land you with $500. This ends when you win a million-dollar prize, in which case Power Play simply doubles the winnings to $2 million no matter whether it's a 2x or 10x Power Play.
Since your chances of winning $100 or $50,000 are so slim, Power Play doesn't make Powerball worth it, either. At best, you're going to multiply your $7 winnings to $70, and those odds are really slim as well.
The Numbers on a Powerball Ticket
The numbers on the red Powerball are 1-26. This makes your chances of winning the lowest amount higher since you'll only need to match the red Powerball.
To make a higher sum, you will also need to match white Powerballs in addition to the red one. As we brushed on earlier, the numbers on the white Powerballs are 1-69. You select five of these numbers in addition to the red one.
There are no numbers that have higher odds of coming up than others. The draw is random. Some people like to use lucky numbers, meaningful dates, or just digits that they have a good feeling about.
When Are the Drawings?
Powerball drawings take place three times per week. They happen every Monday, Wednesday, and Saturday at 10:59 PM EST. The ticket that you purchase is only valid for one drawing- the subsequent one after you purchase it.
Additionally, sales for Powerball tickets cut off around 59 minutes before a drawing. If you miss that deadline, your ticket will be for the subsequent drawing.
Alternatives to Powerball
Because of the slim chances that Powerball provides, it's best that you look into alternatives to this popular lottery game. This is especially important if you're looking for extra money to get ahead in your financial goals or help to become more financially secure. You don't need to waste any money on losing games.
Yotta is an online Powerball alternative that costs you absolutely nothing to play. You get entered into weekly lotteries without even needing to put down that $2-$3 fee. All you need to do is sign up for an FDIC-insured savings account and you'll automatically be part of the drawings.
This happens because Yotta has partnerships with high-value banks across the US. We take a portion of the interests from these banks and pool it into weekly drawing prizes. Another portion of these interests goes to you no matter what via your savings account.
Make the Big Bucks ASAP
While a Powerball ticket may not cost much, it isn't an effective way to make money. You might make a few dollars sometimes, but these winnings will be few and far between. There's nothing wrong with buying a $2 ticket once in a while, but it isn't the get-rich-quick scheme that some people think that it is.
Now that you know the basics of getting a Powerball ticket, it's time to diversify your lottery experience with Yotta. Sign up for our services to be entered into risk-free weekly prize drawings so that you can make money the right way.
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