DES MOINES, Iowa — The historic Powerball jackpot boosted to $500 million on Tuesday was all part of a plan lottery officials put in place early this year to build jackpots faster, drive sales and generate more money for states.
Their plan appears to be working. Powerball tickets doubled in price in January to $2, and while the number of tickets sold initially dropped, sales revenue has increased by about 35 percent over 2011.
Sales for Powerball reached a record $3.96 billion in fiscal 2012 and are expected to reach $5 billion this year, said Chuck Strutt, executive director of the Des Moines, Iowa-based Multi-State Lottery Association, the group that runs Powerball.
There has been no winner since Oct. 6, and the jackpot has reached a record level.