The odds of winning the Powerball lottery are about to become even slimmer, as the odds of winning the jackpot will increase to 1 in nearly 300 million.
Previously, the odds were about 1 in 175 million.
The good news is the odds of winning a smaller prize will increase to 1 in 25. The 36 states that participate in the multi-state lottery are making it more difficult to win the top prize, but increasing the odds of winning any money.
The recent move is aimed to increase jackpots. Powerball ticket sales have slumped since 2013, when Powerball lottery saw a record $590 million dollar payout. The new rules will go into effect for the October 7 drawing, CBS News reported.
“The rules change is intended to increase the odds of winning any prize, while making it more difficult to win the jackpot prize,” the state Gaming Commission said in a memo to board members.
At its board meeting Monday, the state Gaming Commission approved the changes, saying the modifications will make the game more sustainable, the Detroit Free Press reported. A percentage of money that goes to the top prize will drop from 68% to 64%, while the percentage going to smaller prizes will increase.
Robert Williams, executive director of the state Gaming Commission, said the new odds are scheduled to launch nationwide on October 4th, just in time for the October 7th Powerball drawing.
“The proposed rule is intended to increase the odds of winning any prize while decreasing the odds to win the jackpot,” Williams said.
Powerball players select five numbers from one set and one number from a second set. A ticket costs $2.
The new rules will increase the first set of numbers from 59 to 69, while decreasing the second set of numbers from 35 to 26. The set prize amount for the third-level prize will raise from $10,000 to $50,000.