Iowa Lottery CEO Matt Strawn Talks 'Millionaire for Life' Game

Last week, I wrote about the Iowa Lottery's new game, which gives players the opportunity to win $1 million/year for life. I decided to reach back into my rolodex and hit up Iowa Lottery CEO Matt Strawn, who I spoke with last year, to talk about the new game.

Matt Strawn is renaissance man in every sense of the word, having worked in the world of business, sports, politics, and now, the Iowa Lottery, throughout his professional life. A child of a multi-generation farm family in Benton County, Matt wears his roots by being incredibly personal and easy with whom to talk, so our conversation was as amiable as it was informative.

About the New "Millionaire for Life" Game:

The Multi-State Lottery Association has launched a new game called "Millionaire for Life" in 30 different states, including Iowa. The first tickets for the game were sold in Iowa on February 22nd. The ultimate prize of the game is in the title: $1 million/year for life.

Similar to Powerball and Mega Millions, Millionaire for Life is played with two sets of numbers. Players select five numbers from 1 to 59 in the first pool, and an additional number (from 1 - 5), the "Millionaire Ball," in the second pool. Five numbers are drawn from the first pool and one for the Millionaire Ball.

Get our free mobile app

While the ultimate prize is obviously the most alluring, there are nine different prize tiers. A player matching all five numbers plus the Millionaire Ball wins them the top prize of $1 million/year for life. Matching the five main numbers awards $100,000/year for life. Not a bad consolation whatsoever. Even after taxes, there's a good chance you would only need to work part-time!

How the Iowa Lottery Gives Back:

Strawn noted that the Iowa Lottery gives back in enormous ways, perhaps most notably to veterans via the Iowa Veterans Trust Fund. Here's the breakdown of how it works:

Dylan Nolte, Unsplash

64 cents of every dollar spent on the Iowa Lottery goes to player prizes
22 cents of every dollar spent goes to vital state programs
7 cents of every dollar spent goes to Iowa businesses that sell lottery products
7 cents of every dollar spent does to daily lottery costs

On top of that, part of the Iowa Lottery's budget allocates $2.5 million to the Iowa Veterans Trust Fund. You can find out more about how the Iowa Lottery Gives Back on their website.

Take a listen to my interview with Iowa Lottery CEO Matt Strawn below, and read more about the Iowa Lottery on their official website.