Lottery dreamers have their sights set on Friday’s growing Mega Millions jackpot draw after the sale of a more than $1 billion Powerball lottery ticket. Here’s how this draw compares to other jackpots and why these wins have grown so large.
HOW DOES THIS LATEST MEGA MILLION JACKPOT STAND?
The new jackpot for the Mega Millions draw has reached an estimated $720 million, making it the fifth highest in the game. However, it has yet to break into the top 10 largest lottery jackpots in US history.
If someone matches all five numbers plus the golden megaball, they have the opportunity to win the prize in annual increments paid out over 29 years, or a pre-tax lump sum of $369.6 million. The last time a Mega Millions player won the grand prize was on April 18th. The jackpot will keep growing until someone wins.
POWERBALL WINNING TICKET
Powerball received the most attention until a winning ticket was drawn this week. Sold at a tiny convenience store in downtown Los Angeles, it has an estimated value of $1.08 billion, the sixth-highest in U.S. history and the third-largest in game history. The winning numbers for Wednesday night’s drawing were: white balls 7, 10, 11, 13, 24 and red Powerball 24.
Why Are Lottery Jackpots So Big These Days?
This is how the games are designed. The reason for such big jackpots is due to the math and the more difficult odds. In 2015, the Powerball lottery increased the odds of winning from 1 in 175.2 million to 1 in 292.2 million. Mega Millions followed two years later, increasing the odds of winning the grand prize from 1 in 258.9 million to 1 in 302.6 million. Since these changes were made, the US has had the largest lottery jackpots.
What are the biggest jackpots ever won in America?
The largest – a whopping $2.04 billion – was a Powerball jackpot hit on November 8, 2022, the winning ticket of which was sold in California. The next largest jackpot was also a $1.586 billion Powerball prize on January 13, 2016. However, that prize was split between three winning tickets sold in California, Florida and Tennessee. The third, fourth, and fifth highest prizes were each Mega Millions prizes, with $1.537 billion going to a single winner in South Carolina on October 23, 2018; $1.35 billion was won in Maine on January 13 this year; and $1.337 billion won in Illinois on July 29, 2022.
WHAT ARE THE CONCERNS?
Experts have long warned that the lottery is a regressive tax on the poor, and those who can least afford to lose money buy the most tickets. Many of the ticket buyers don’t even consider the lottery a gamble, said Lia Nower, professor and director of the Center for Gambling Studies at Rutgers University.
“People buy them for little kids,” she said. “So it’s kind of a gateway drug for getting into gambling. And yet, you know, there is no such thing as a responsible gambling program for lottery tickets. There is no self-exclusion in states that allow online purchases or restrict betting or other strategies used in online casinos or sports betting.”
WHERE IS MEGA MILLIONS PLAYED?
Mega Millions is played in 45 states plus Washington, DC and the US Virgin Islands.
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Nicholas Ingram contributed from Kansas City, Missouri.