Over the past week, the Mega Millions jackpot grew 38% from $625 million to $865 million, while the Powerball jackpot jumped 33% from $550 million to $730 million.
Revealing how consumers are responding to the surge, Skupos reports that over this same period average store sales for lottery tickets increased by 22%.
And while lottery ticket sales have certainly ramped up within the past seven days, they have been growing steadily for at least two weeks as the jackpots grew. In fact, from Jan. 4-11, stores saw a week over week growth rate similar to this week’s, 23% vs. 22%. Contrast that with December 2020, when revenue from lottery tickets increased by an average of only 4% each week.
Skupos dived into the numbers to provide an exclusive look at the impact that this week’s big lottery jackpots have had on convenience retail stores. Lottery prize drawings are a significant incremental revenue driver for convenience stores, and these past couple weeks have shown how.