61 Pa. Code § 871.10 - Funding of guaranteed prizes

Current through Register Vol. 51, No. 40, October 2, 2021

The MUSL Powerball Product Group may offer guaranteed minimum grand prize amounts or minimum increases in the grand prize amount between drawings or make other changes in the allocation of prize money where the MUSL Powerball Product Group finds that it would be in the best interest of the game. If a minimum grand prize amount or a minimum increase in the grand prize amount between drawings is offered by the Product Group, the grand prize shares shall be determined as follows:

(1) If there are multiple grand prize winners during a single drawing, each selecting the annuitized option prize, then a winner's share of the guaranteed annuitized grand prize shall be determined by dividing the guaranteed annuitized grand prize by the number of winners.
(2) If there are multiple grand prize winners during a single drawing and at least one of the grand prize winners has elected the annuitized option prize, the best bid submitted by the MUSL's preapproved qualified brokers shall determine the cash pool needed to fund the guaranteed annuitized grand prize.
(3) If no winner of the grand prize during a single drawing has elected the annuitized option prize, the amount of cash in the grand prize pool shall be an amount equal to the guaranteed annuitized amount divided by the average annuity factor of the most recent three best quotes provided by the MUSL's preapproved qualified brokers submitting quotes.
(4) Quotes will not be used which are more than 2 weeks old, and if less than three quotes are submitted, the MUSL shall use the average of all quotes submitted.
(5) Changes in the allocation of prize money shall be designed to retain approximately the same prize allocation percentages, over a year's time, as set forth in § 871.8 (relating to expected prize payout percentages). Minimum guaranteed prizes or increases may be waived if the alternate funding mechanism as set forth in § 871.8 becomes necessary.

Notes

61 Pa. Code § 871.10

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