Why a Billion-dollar Lottery Could Soon Become More Common

TIME

The New York State lottery commissioners have agreed to a change that would alter the odds of winning the Powerball lottery, FiveThirtyEight reported Wednesday.

As the article notes: “If those changes go through, the odds of winning the Powerball jackpot will go from about a 1 in 175 million chance to 1 in 292 million. Not great, right? Yes, but the chances of a Powerball win making some future player a billionaire are radically higher. Like, 7.5 times as high.”

The article goes on to say that the current odds of a jackpot getting to $1 billion are about 8.5% in a simulated five-year period. With the new, more difficult odds, there’s a 63.4% chance in that five-year period.

In other lottery news, New Jersey lawmakers have proposed legislation for a system in which those with student loan debt can enter a lottery system to have their loans forgiven —…

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Prinzo and Associates LLC is a tax firm located in Pittsburgh's South Hills. Since 1991 we have been helping clients with tax problems. We also help clients with retirement and other financial needs. If your business is in need of payroll, quickbooks or other financial assistance, we are here to help!

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