A week after the Powerball Product Group announced it would cut US Powerball jackpots in half, the company has warned that further reductions may be necessary as ticket sales continue to slide as a result of the Coronavirus outbreak.
Powerball is played in 45 US states plus Washington DC, the US Virgin Islands and Puerto Rico.
Last week, PPG said it would halve guaranteed jackpots and reduce the minimum amount the big prize could grow between drawings, as a consequence of dramatically reduced retail sales thanks to the COVID-19 measures being introduced across the US.
The Group has now said it will not guarantee those prize levels and instead determine new jackpots and increases prior to each draw. Falling interest rates are also limiting the PPG’s ability to fund bigger prizes.
Gregg Mineo, PPG and director of the Maine Lottery, said: “Since last week, more states and cities have asked their residents to stay at home, which has affected normal consumer behaviours and Powerball game sales.
“In response to the public health crisis, interest rates have declined. As a result, additional game sales are necessary to fund comparable jackpot amounts.”
Ahead of the smaller jackpots kicking in, players still have a shot at scooping at a $180m grand prize in Saturday’s draw.
It is not yet clear if Mega Millions will also be reducing its jackpots and reviewing its prize-setting policy but the US’ second national lottery game is also seeing reduced over-the-counter ticket sales.