Powerball punters will get pay more for bigger prizes

Australians will be in the running to win larger jackpots starting next month – but it comes with a massive catch for players.

In an address at the start of the annual general meeting, The Lottery Corporation managing director and chief executive officer Sue van der Merwe confirmed jackpots would be changing next month.

“We’re on track to implement changes to Powerball in November with bigger prizes supported by a 20 cent per game price increase,” she said.

The price of a ticket is also set to rise by 16.7 per cent from November 6. This means a ticket which would have cost $1.20 will set back punters $1.40 instead.

Ms van der Merwe also announced changes to the Set for Life game.

“With its unique proposition of $20,000 a month for 20 years, it attracts a different segment of players and enhances the diversity of our customer base,” she said.

This follows an announcement in early August when the business confirmed both bigger jackpots as well as an increasing price of tickets.

It comes as part of a “refresh” where the business behind Keno, Powerball and Saturday Lotto.

Changes to the Saturday Lotto game have already come into place – with the division prize offer increasing from $5m to $6m, but costs an additional 10c cost rise per game.

“The planned changes … are designed to reinforce its position as our premium jackpot game,” Ms van der Merwe said at the time.

In her speech in October, Ms van der Merwe confirmed a “resilient” result despite key headwinds” for the sector.

According to the results, EBITDA was $749m and net profit after tax of $365m was down 11.7 per cent.

She said The Lottery’s long-term investment case remained “compelling”.

“We have a strong market position supported by long-dated licences, powerful brands, a resilient retail network, broad community acceptance and a balanced portfolio that delivers both defensive cashflows and attractive growth potential.”