Why fed-up players are hating the $1 billion Powerball drawing: ‘No big deal’

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By journalsofus.com


Metro


They want to give it a big shake up!

People aren’t as impressed with Wednesday night’s $1 billion Powerball drawing as giant 10-figure jackpots have become much more common — only half as many people turn up to buy tickets than a few years ago, according to experts. Shop owner.

“This is known as jackpot fatigue. “People are less excited about big prizes than they used to be because those big numbers are old news,” Victor Matheson, an economics professor at the College of the Holy Cross in Massachusetts, told The Post.

The latest skyrocketing windfall comes after a mysterious Mega Millions player won $1.1 billion in New Jersey last week and it failed to lure many non-regular ticket buyers, Big Apple retail employees said.

“This is known as jackpot fatigue,” Victor Matheson, an economics professor at the College of the Holy Cross in Massachusetts, told The Post. AP

“They realize it will be a billion dollars over and over again, three or four times a year, so you don’t have to come,” said Gautam Das, 62, a BP gas station clerk in Bayside, Queens. , “You can catch the next one…so no rush, and no big deal.”

When the jackpot reached $1 billion, ticket sales at the fuel spot tripled — but these days the hard luck is attracting the crowds, the clerk said.

“It’s not like earlier when people would go crazy…they would come in and line up right out of the station door,” Das said.

It’s unclear whether anyone will win Wednesday night’s $1.09 billion drawing.

But many New Yorkers are yawning about the once-staggering prize, which comes after lottery officials made bigger jackpots harder to win in recent months.

Arthur Stavola purchased his Power Ball ticket at the Bayside Smoke Shop on Bell Blvd. in Bayside, New York. james messerschmidt

Matheson said the lottery has a greater chance of reaching $1 billion than it did a few years ago because the lottery system has been reengineered to create less probability.

A $1 increase in ticket prices and rising interest rates also make the lotto’s so-called “annuity” – the prize advertised by lotteries – much higher.

“They’ve made it harder to win, so it’s likely to flip more times before someone wins,” he said. “And with the interest rates, you don’t need to deposit that much to reach $1 billion.”

This phenomenon causes sales to decline and the jackpot often grows more slowly after an initial surge.

Matheson said the lottery has a greater chance of reaching $1 billion than it did a few years ago because the lottery system has been reengineered to create less probability. AP

“Only half as many people are buying tickets for the $1 billion jackpot nationally as in 2022,” he said.

For example, in October 2022, the $1 billion Powerball drawing sold 131 million tickets nationwide. In the case of Wednesday’s drawing, “They’ll be extremely lucky to sell 70 million tickets,” Matheson said.

George Damoulakis, owner of Evers Pharmacy in Cambria Heights, Queens, said he no longer expects an uproar over the $1 billion prize.

“People still play but when it got over a billion dollars… people came in droves! There was a line of people outside my door saying, ‘I never play but this is too much .I have to go there, you know, I have to go there,'” he recalled.

Gautam Das, manager of BP Gas on Bell Blvd in Bayside, New York, commented that people have noticed that despite the high pot, there is something wrong with the lottery system. james messerschmidt

“But people are no longer motivated by big numbers. There is no hurry for a billion dollars now.”

At the Bayside Smoke Shop in Queens, only a few die-hard Lotto fans had purchased tickets for Wednesday night’s drawing.

“It’s not like it was five years ago. There will be a line of big jackpots. Now, no queues,” said clerk Sandeep Patel, 26.

“It used to be that people who didn’t play lotto would come in and you’d hear them say, ‘This is the first time I play lotto!'” he said. “not anymore.”




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