Gary Grief, Executive Director, Texas Lottery and Gregory Smith, Executive Director, Vermont Lottery, co-presented “Powerball Jackpot Management System: Optimizing the Future.” The U.S. lotteries were overdue for a change since the population of those states selling Powerball (PB) had grown from 129 million in 2009 to 307 million in 2014.
They said the rationale for a jackpot management program were “record jackpots vs. jackpot fatigue, runway available on the way to a billion dollar jackpot, responsible management, fully funding MUSL reserves and generating fully funded and better rolling starting jackpots.”
Smith said the approved rule changes include “grand prize carry forward pool, funding of starting jackpots when funds exist, relief to set-aside account, controls to limit pool balance and use of funds and sunset clause.”