More People Buying Lottery Tickets Despite Recession

The Powerball Jackpot has hit a whopping $600 million, and it's only a matter of time before lottery fever hits America again.  We talked about the various statistics a lottery player needs to familiarize themselves with, but there's one in particular that players really care about. People don't really expect to win the jackpot, but it's certainly nice to win something from the endeavor. 

Do you feel lucky? With the right six numbers, you could become $55-million richer Saturday as Lotto 6/49 draws for the biggest lottery jackpot in Canadian history. The odds aren’t exactly in your favour (there’s a 13,983,816 to one chance you’ll hit the jackpot), but that’s hasn’t stopped people from snapping up tickets for a chance to strike it rich.

IOWA – Powerball officials say the jackpot has climbed to an estimated $600-million, making it the largest prize in the game’s history and the world’s second largest lottery prize. Lottery officials say the prize is growing quickly Friday because so many people have been purchasing the $2 tickets. The jackpot has grown by an estimated $236-million since the last drawing on Wednesday. The last jackpot was won on March 30, so it’s been growing for about six weeks. The next drawing is Saturday night.

The Powerball jackpot has hit $600 million, passing the point where people who don't typically play the lottery decide to jump in, shell out a few dollars, and try their luck on an infinitesimally small opportunity to join the 1% One of the most interesting ways to look at this is through the statistical concept of expected value. How much is it worth to play, given the estimated winnings and initial up front costs?

DES MOINES, Iowa — So you didn’t win Wednesday’s $360 million Powerball jackpot? Make that you and everyone else. A message early Thursday on the multistate lottery’s website said the jackpot has soared to $475 million after none of the tickets sold matched all the winning numbers in Wednesday night’s drawing: 2, 11, 26, 34, 41 and a Powerball of 32. The next drawing will be held Saturday.

The Boston Globe reports on "A game with a windfall for a knowing few: High-rolling gamblers are exploiting a quirk in Cash WinFall, raking in huge profits every 3 months as the Lottery looks on":