|By Marketwired .||
|November 27, 2012 01:58 PM EST||
PHOENIX, AZ -- (Marketwire) -- 11/27/12 -- The Powerball jackpot has been increased from $425 million to $500 million for the draw on Wednesday, Nov. 28. The jackpots are established based on a forecast of ticket sales. In this case, the ticket sales have outpaced the forecast, resulting in the increase of the estimated jackpot amount.
This is the largest jackpot in Powerball history. The cash option would be $327 million, before taxes.
According to the Multi-State Lottery Association, Arizona placed third in the nation for the increase of Powerball sales for the last draw, up a remarkable 320 percent.
Since the jackpot started rolling on Oct. 6, there have been more than $2.7 million in prizes awarded in Arizona alone. This includes a second prize $1 million winning ticket and 13 $10,000 winning tickets. The $1 million winning ticket was purchased at the Fry's Food Store in Gilbert located at 87 E. Williams Field Road and claimed by a winner who wished to remain anonymous.
"We are thrilled that the Powerball jackpot amount has been increased to half a billion dollars," said Karen Bach, director of budget, products and communications for the Arizona Lottery. "Increased ticket sales also mean great things for the state of Arizona, since Lottery dollars fund a wide variety of public projects and programs which improve the quality of life for Arizona residents."
The new $2 Powerball game offers many appealing features to players, including better overall odds and jackpots that grow bigger, faster. The starting jackpot doubled from $20 million to $40 million and the second prize for matching all five numbers, without the Powerball, increased from $200,000 to $1 million. Since $2 Powerball launched in January 2012, the Arizona Lottery has awarded 14 winners with the second prize of $1 million.
Tickets for Wednesday's Powerball draw can be purchased at any Arizona Lottery retailer until 7:59 p.m. Wednesday evening. Players can check their tickets by visiting ArizonaLottery.com.
Players must be 21 years or older to purchase or redeem tickets. Winners have 180 days from the drawing date to claim their prize at an Arizona Lottery office or by mail. Overall odds vary by game. In accordance with the Americans with Disabilities Act, these materials may be made available in an alternate format. Gambling Problem? Call 1-800-NEXT STEP. Please Play Responsibly.
About the Arizona Lottery
The Arizona Lottery operates entirely from the revenue it generates through the sale of its products; it receives no General Fund dollars from the State. Proceeds from sales of Lottery tickets -- over $3 million per week -- fund a variety of state programs. Since July 1981, the Arizona Lottery has paid out more than $5 billion in prizes to players, over $2.8 billion in net profit to the state and almost $591 million in commissions to retailers.
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