Raising Cane CEOs spend 0,000 on Mega Millions lottery tickets

Raising Cane CEOs spend $200,000 on Mega Millions lottery tickets

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Though the odds of hitting the Mega Millions jackpot are notoriously lousy, the executives at Raising Cane’s are hedging their bets after buying lottery tickets for all 50,000 of their fast food employees – for the second time in a week.

The company’s widely publicized first attempt at making a profit cost about $100,000 but was unsuccessful. No winners were announced on Tuesday. But now that the prize has reached $1.1 billion — the second largest in Mega Millions history — leaders of the restaurant chain known for its chicken fingers have splurged another $100,000 on a new round of tickets ahead of Friday night’s drawing .

“Our crew members were so excited last time,” co-CEO AJ Kumaran told The Washington Post. “So we decided to try our luck again. And now we are all just excited, waiting and crossing our fingers for a win.”

With Mega Millions reaching $1 billion, winning doesn’t mean a happy ending

The jackpot has a cash payout option of $648.2 million. If a ticket purchased from Raising Cane’s is a winner, the CEOs would split the sum evenly among their employees, meaning the workers would each receive almost $13,000 — a welcome extra bit of cash amid the uncertainty of a changing job market, Inflation and fear of a recession.

“Look, I hear from our crew members all the time and things are really tough out there,” Kumaran said. “Whether they’re fueling up or grocery shopping, they feel it and it’s tough. So that was an opportunity to have fun, but at the same time hopefully make some extra money for our people.”

But some have questioned the executives’ decision to throw more money into a game with tiny odds.

“You spent $100,000 on tickets and lost and you’re going to do it again? Why don’t you give the money, give your employees $200,000?” CNN’s John Berman asked Kumaran during an interview on Wednesday.

A quiz about your lousy odds of winning at Mega Millions

Kumaran reacted to this purchase The lottery tickets are “really about more than just money”. The decision to share the potential gains reflects “taking care of each other”. [and] stand together as a family,” he said.

He told the Post that the idea of ​​buying the lottery tickets really boiled down to “doing the right thing” for employees — and having a little fun in the process.

“I don’t think it’s $100,000. It’s really $2 per crew member,” he said. “And if you think about it, it’s only a few dollars. They work very hard every day and we do it so they can have fun and try their luck. So I feel good about it.”

Kumaran also pointed to the $200 million in salary increases the company has paid its employees over the past two years. Raising Cane announced it last year raise wages by about 15 percent for most workers.

The lottery idea began last Thursday when Mega Millions announced that its jackpot had grown to one of the largest in the game’s history. Kumaran then suggested that Raising Cane’s buy the tickets. However, the company’s general counsel was less than enthusiastic about the idea, he said.

Undeterred, Kumaran tapped his co-CEO and founder, Todd Graves Finance tickets out of your own pocket. “We were like, ‘Okay, let’s do it asap because how hard can it be to print 50,000 tickets?'”

As it turns out, quite difficult. Between raising the needed cash from four different banks and visiting two 7-Eleven convenience stores in Dallas to print the tickets, the plan turned into a 10-hour operation on Monday.

“Let me tell you, standing at a gas station with $100,000 in cash is nerve-wracking,” Kumaran said.

He munched on a hot dog as the orange and white tickets slowly printed. Twice the machine had to be refilled – something that usually happens “every two months or so,” said Kumaran, the station’s manager said. Other customers have since complained about the machine being held hostage.

But the rush was in vain – although it did help Kumaran figure out a way to streamline the process for his next attempt on Wednesday. That day, he was able to wire the $100,000 to 7-Eleven instead of walking around town with a bunch of cash. However, the eight hour wait to print the tickets was still the same.

On Friday night, a small crew of Raising Cane staff will scan all 50,000 tickets to see if it’s possible to break the Mega Millions streak of 29 consecutive draws with no winners – a long-awaited rollover that will both “jackpot hunters ‘ as well as inspiring serious gamblers to throw their money away.

Only four jackpots were won this year, with the last – worth around $20 million – being won on April 15 in Tennessee.

The odds of winning the Big Friday are about 1 in 303 million – the odds of suffering a toilet injury or being made a Saint are significantly higher.

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