Those whose retirement strategy is to buy a Powerball ticket and pray will have to double down on their investments. Starting Jan. 15, the multi-state mega-lottery will increase its ticket prices from $1 to $2. The price bump follows the lead of scratch-off tickets, many of which come in much larger denominations.
According to the AP, players get better odds of winning in exchange for the costlier point of entry. Officials expect the higher price to pump up jackpots, drawing enough new customers to offset those who stop playing due to the price increase.
It’s tough to imagine Powerball players not scratching up the extra buck to ante up. But the increase should put the pinch on the poor and desperate, who may strain their already stretched budgets.
Powerball tickets doubling to $2 [AP via MSNBC]