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Powerball is setting new records.
It's already the largest Powerball jackpot ever with an estimated jackpot of $425 million.
It's also now the largest jackpot increase ever at $100 million since last Saturday, but is this kind of jackpot getting to the point of being almost obscene? A worker told me, "You know $425 million dollars could be better used elsewhere than on the lottery, but what can I say if I'm the lucky one?" Another man told me, "It's obscene, but I don't think it's excessive."
If you do win, right off the top the federal government will take 25% and the state of Louisiana another 5%, still leaving a huge amount if just one person wins the jackpot.
In the CBD folks are dreaming of trips and quitting jobs, while others think that amount of money could really be used productively elsewhere in times like these. A tourist told me, "I'm from out of state, so maybe I'll be moving down here when I win it." He says his dream is to relocate to New Orleans.
Another man has higher aspirations for all that cash, as he'd like to "Take care a lot of people in this city. Build some homeless shelters or something like that. Buy one of the old buildings and remodel it, something like that."
Gambling experts say a majority of Americans will play some lottery game at least once in a given year. But a day ahead of the largest Powerball jackpot in history, a lot of folks in the CBD say they won't be playing. This man says, "I'd rather save my two dollars. I know that's a lottery. My two dollars every week, that adds up!"
Clyde Barrow, director of the Center for Policy Analysis at UMass-Dartmouth, says addicted gamblers are less likely to turn to massive jackpot ticket games like Powerball than scratch-off games.
"Scratch-off players are looking for instant gratification and an instant win," Barrow said. "A lot of those people don't like playing lotto because you have to wait. You have to sit on it for a few days."
While it may seem counterintuitive, Barrow says gambling activity often increases as the economy gets worse and people have less disposable income. However, his research, which focused mainly on New England, found the trend reversed in the latest downturn.
"The Great Recession has been so deep and so long, it's suppressed any kind of discretionary spending across the board," said Barrow, who added about the same percentage of people are playing the lottery, they're just buying fewer tickets.
Strutt, Powerball's executive director, said sales largely stayed flat during the peak of the recession in 2008 and 2009, but picked up since.
"Our biggest factor is gas prices," he said. "If people go to a gas station and put 80 bucks of gas in their car, they're not feeling happy to buy a lottery ticket."
It's already the largest Powerball jackpot ever with an estimated jackpot of $425 million.
It's also now the largest jackpot increase ever at $100 million since last Saturday, but is this kind of jackpot getting to the point of being almost obscene? A worker told me, "You know $425 million dollars could be better used elsewhere than on the lottery, but what can I say if I'm the lucky one?" Another man told me, "It's obscene, but I don't think it's excessive."
If you do win, right off the top the federal government will take 25% and the state of Louisiana another 5%, still leaving a huge amount if just one person wins the jackpot.
In the CBD folks are dreaming of trips and quitting jobs, while others think that amount of money could really be used productively elsewhere in times like these. A tourist told me, "I'm from out of state, so maybe I'll be moving down here when I win it." He says his dream is to relocate to New Orleans.
Another man has higher aspirations for all that cash, as he'd like to "Take care a lot of people in this city. Build some homeless shelters or something like that. Buy one of the old buildings and remodel it, something like that."
Gambling experts say a majority of Americans will play some lottery game at least once in a given year. But a day ahead of the largest Powerball jackpot in history, a lot of folks in the CBD say they won't be playing. This man says, "I'd rather save my two dollars. I know that's a lottery. My two dollars every week, that adds up!"
Clyde Barrow, director of the Center for Policy Analysis at UMass-Dartmouth, says addicted gamblers are less likely to turn to massive jackpot ticket games like Powerball than scratch-off games.
"Scratch-off players are looking for instant gratification and an instant win," Barrow said. "A lot of those people don't like playing lotto because you have to wait. You have to sit on it for a few days."
While it may seem counterintuitive, Barrow says gambling activity often increases as the economy gets worse and people have less disposable income. However, his research, which focused mainly on New England, found the trend reversed in the latest downturn.
"The Great Recession has been so deep and so long, it's suppressed any kind of discretionary spending across the board," said Barrow, who added about the same percentage of people are playing the lottery, they're just buying fewer tickets.
Strutt, Powerball's executive director, said sales largely stayed flat during the peak of the recession in 2008 and 2009, but picked up since.
"Our biggest factor is gas prices," he said. "If people go to a gas station and put 80 bucks of gas in their car, they're not feeling happy to buy a lottery ticket."
