The size of U.S. lottery jackpots is growing as game mergers and ticket price increases drive amounts higher, CNN reported this morning. Victor Matheson, associate professor of economics at the College of the Holy Cross, commented on what was contributing to this growth as the prize reached its third-highest jackpot in history.
“In the last couple years, there has been a merger between the MegaMillions and the Powerball, and now you can buy both in just about every state in the United States, which gives you a much bigger pool of bidders which makes the jackpot pool a lot bigger as well,” says Matheson. “Powerball, at the same time, doubled the price of their tickets from $1 to $2.”
