Written by Michael Crowe, Multimedia Journalist - email
WATERLOO (KWWL) -
Whatever your reason for playing the lottery, the money from Powerball ticket sales adds up fast.
Even more so recently, since officials upped the price per ticket from one dollar to two in 2012. Iowa Lottery officials estimate that for Wednesday’s 400 million dollar Powerball jackpot, there were several million tickets sold. But where does the money from those ticket sales go?
According to lottery officials, one full dollar goes straight to the prizes. Then, another 20%, or 40 cents, covers operation expenses. That leaves 30% of the ticket price, 60 cents, that comes back to the state.
With Powerball, all that money goes into the general fund. From there—
"It goes to pay for everything from education to law enforcement, and to agricultural programs,” said Mary Neubauer, an Iowa Lottery spokesperson. “So really, lottery revenue touches a bunch of different areas."
And it’s no chump change, either – since 1985, the Iowa Lottery said that they have raised about $1.4 billion dollars in funds for the state. And that money only grows with high-profile drawings like this week’s, because as the jackpot rises, so does public interest.
"At some point, they do take on a life of their own,” Neubauer said of lottery drawings.”I think that right now we're definitely in that realm."
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