There is a life-changing fortune waiting to be claimed by a lucky winner in the record-breaking Mega Millions lottery, with a staggering jackpot of $1.58 billion. If you feel like these massive jackpots are becoming more common, you’re not mistaken.
According to Victor Matheson, an economics professor at the College of the Holy Cross, there have been approximately six jackpots exceeding $1 billion in the past five years. And these massive winnings are not the result of chance. The Multi-State Lottery Association (MUSL), a non-profit organization that manages Mega Millions, has deliberately designed the game to generate even larger sums.
Matheson explains that one reason for these astronomical jackpots is that Mega Millions has become a nationwide lottery, with a large number of people contributing to the jackpot. Additionally, MUSL has doubled the ticket price from $1 to $2, causing the jackpot to grow at twice the rate as it did a decade ago.
With more participants, higher ticket prices, and more numbers to choose from, the odds of winning the Mega Millions jackpot have decreased. However, the allure of such enormous winnings compels more people to buy tickets, driving the jackpot even higher. Research shows that Americans are 15 times more likely to purchase a ticket when the jackpot nears $1 billion compared to a $20 million prize.
Despite the temptation to participate and dream of winning the lottery, the chances of actually winning are incredibly slim. The odds of winning Tuesday’s drawing stand at around one in 302.5 million. To put it into perspective, the odds of making a hole-in-one in golf are approximately 1 in 15,000, making winning the Powerball or Mega Millions equivalent to achieving two consecutive hole-in-ones.
Don’t forget to check out the video below for tips on what to do if you win the lottery. Good luck!
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By Khristopher J. Brooks
Khristopher J. Brooks is a reporter for CBS MoneyWatch, focusing on business, consumer, and financial stories ranging from economic inequality and housing issues to bankruptcies and the business of sports.
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