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AlbertJayNock

Powerball

As of today Powerball has raised the price of a ticket from 1 to 2 dollars. They say that the odds of winning are increased, but forget to mention that the probability of winning  has not doubled. 

This might not have been a bad business move if state lotteries were still monopolies. But a lot of states with Powerball (including my state of North Carolina) also have the Megamillions lottery. Last year, I had equal stakes for the year in the two lotteries.

This year I'm going to have a stake of one days take home pay in Megamillions, and not have a stake at all for Powerball. I might buy a single Powerball ticket if the prize gets past $200M, but maybe not even then. I suspect a lot of other lottery players in two lottery states are going to make a similar decision.

I know what you're thinking. That the odds of winning are so low that spending two dollars on a Powerball ticket is not much dumber than spending one dollar. But it's twice as much money for a ticket. I might be dumb enough to play the lottery, but I refuse to be twice as dumb. You have to draw the line somewhere.

And they say lottery players don't behave rationally.

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