The Real Winner of the Powerball is Schools

The Powerball jackpot continues to rise – at $1.5 billion as of writing this on Tuesday. This is the biggest jackpot in the nation’s history.

Drawings are held twice weekly on Wednesday and Saturday evening. Powerball is played in 44 states and three U.S. territories. The odds of winning are a whopping 1 in 292 million.

The cost of each ticket is $2 and a good amount of that money goes to help fund schools. About 40 percent of sales for the Powerball go toward the state’s education budget, according to Alex Traverso, a California State Lottery spokesman.

About $372 million was spent on the Powerball during the 2014-15 fiscal year, which brought in about $148.8 million for education.

Comparatively, about $60 million from the $150 million spent in Powerball sales from Tuesday to Sunday just last week will help fund schools, according to Traverso.

“We’re making in an hour what we’re typically making in an entire week in two [Powerball] draws,” Traverso said. “Wednesday is probably going to be the best day of sales we’ve ever had.”

In comparison however, California allots about $76.6 billion for schools, according to the state Department of Education. Lotto sales count for a tiny 1% of that budget.

So if you need a reason to keep buying Powerball tickets, besides the possibility of winning the largest jackpot in history, your lotto ticket is helping fund a child’s education.

 

Read more at The Los Angeles Times

 


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K-12

Tuesday, November 22, 2022 - 06:30

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