The Mega Millions jackpot reaches $ 1.6 billion, thanks to the worsening of the odds
The Mega Millions jackpot reaches $ 1.6 billion, thanks to the worsening of the odds
If it seems that lottery The biggest prizes are getting bigger, it's because they are getting bigger and bigger.
The grand prize estimated on Tuesday night at Mega Millions reached the staggering $ 1.6 billion, continuing the trend of giant jackpots. Ata the biggest lottery prize in the history of the USA. UU., And is destined to continue growing, and adds to five other raffles in the last three years.
Lottery officials changed the odds in recent years to reduce the chance of winning a jackpot, which in turn increased the chance of top prizes reaching stratospheric levels. A look at how numbers work:
WHY REDUCE THE NUMBER OF JACKPOTS?
The theory was that larger boats would attract more attention, which would lead more players to deposit $ 2 for a Mega Millions or Powerball ticket. The more tickets sold, the bigger prizes grow, leading to more players and ... you get the idea.
Powerball was the first to test the theory in October 2015, when it changed the combinations of potential numbers. In doing so, Powerball changed the odds of winning the jackpot of one in 175 million to one in 292.2 million. Officials at that time also increased the chances of winning small prizes. Mega Millions made similar movements in October 2017, which caused a worsening of the odds of one in 259 million to one in 302.5 million
IT WORKED?
The states have generally reported an increase in sales of Mega Millions and Powerball since the change. But the increasing prizes have left them increasingly dependent on these massive payments because the prizes that once seemed so immense now seem almost insignificant in comparison. Consider the $ 430 million Powerball jackpot. It's an incredible amount of money, but compared to the Mega Millions prize of around $ 1.6 billion, it's hardly worth buying a ticket.
WHEN THE JACKPOT HUGE, HOW ARE THE SALES?
It's hard to exaggerate how quickly the lottery tickets fly out of the mini marts when the jackpots are so big. In California, for example, Thursday's lottery sold $ 5.7 million in Mega Millions tickets during the first half of the day. The sales boom came during lunchtime, when people bought 200 tickets per second.
IF I WIN, WHAT DOES IT DO AT THE BANK?
Do not count on making a deposit for an amount close to $ 1.6 billion if you win the raffle on Tuesday night. Almost all winners take the option in cash, which was approximately $ 904 million as of Saturday morning. After federal taxes and state deductions, which vary across the country, winners will usually end up with about half that amount to pay for their yacht purchases. The annuity option guarantees more money, but is paid over 29 years and would also result in a strong tax bill.
GIVEN THE POWERS, AM I A SUCKER TO PLAY?
You are not being rational if you think you have a good chance of winning the jackpot, either with a ticket or with 100. The odds are not in your favor.
How bad are they? Cornelius Nelan, a professor of mathematics at Quinnipiac University in Connecticut, points out that the odds are about the same as rolling a die and getting one, 11 times in a row.
Most people do not expect to win and instead think that the $ 2 ticket is a small price to dream about and be part of a conversation with co-workers or family. As expressed by Jane L. Risen, professor of behavioral sciences at the University of Chicago: When the jackpot grows so big, "it creates this sense of community, it creates this sense of camaraderie, and I think it creates a potential feeling of repentance. do not be the one who plays, "he said.
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Associated Press journalist Teresa Crawford in Chicago contributed to this report.
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Follow Scott McFetridge on Twitter at: https://twitter.com/smcfetridge
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