![]() “You will actually probably see a return over time. (suggest putting it) in the stock market or something like that,” he said. Megaplier increases do NOT apply to Mega Millions jackpots. “In reality, it’s probably best to diversify by something like an index fund - but if you’re just starting out, I would. Match the first five numbers plus the Mega Ball to win the jackpot. Alternative spending options could include opening an investment account that allows you to invest in small amounts or buying partial stock, Kovach said. She said her “concern with lottery is really more people who are buying it every day or two or three times a week” as opposed to those who purchase one ticket as the jackpot nears $1 billion.Ī $2 ticket may not seem like much - but it can add up for those who are regularly entering the lottery over time. ![]() The lottery has historically acted as a regressive tax on the poor, meaning the people that can least afford to lose their money buy the most tickets, Lia Nower, a professor and the director of the Center for Gambling Studies at Rutgers University, previously told The AP. Meanwhile, others may enter the lottery out of feelings of desperation or financial struggle - with experts pointing to consequences that have disproportionately impacted low-income communities. Some people might buy a $2 lottery ticket as a form of entertainment and find satisfaction in “the excitement of thinking you might win,” Diaz said. IS BUYING A LOTTERY TICKET A GOOD INVESTMENT?īecause winning is so rare, experts maintain that lottery tickets are horrible investments - but note that every person’s reason for playing the lottery is different. Winning the lottery has become harder in recent years, causing jackpots to grow bigger and bigger - and that’s by design. For both games, the odds of winning any prize stand at about 1 in 24. Of course, both Mega Millions and Powerball offer a handful of tiers below the top jackpots - with the lowest prizes starting at $2 and $4, respectfully. ![]() It’s about 4 times as likely that you die in a car accident on the trip to buy your ticket than you are to win,” he said. “Imagine you have to drive half a mile to buy your lottery ticket, so you have a 1 mile round-trip. “A slightly darker example,” Kovach added, is comparing the odds of winning the lottery to getting into a fatal car accident on the way to a store. Even if you bought a lottery ticket for every drawing over 80 years - two times a week for Mega Millions and three times a week for Powerball - you would still be far less likely to win than to be struck by lightning one time in your life, Syracuse University mathematics professor Steven Diaz said. This material may not be published, broadcast, rewritten or redistributed without permission.A common comparison is the odds of getting struck by lightning once in your lifetime, which stand at about one in 15,300. All set prizes, including Megaplier prizes, may be reduced if claims exceed. That prize was split among three winning tickets sold in California, Florida and Tennessee.Ĭopyright 2023 The Associated Press. Mega Millions is an exciting jackpot game with jackpots starting at 20 million Other jackpot prizes range from 2 to 1,000,000 Add Megaplier for an. Jackpot prize is estimated and will be divided equally among all winning tickets. The next largest was also a Powerball prize of $1.586 billion on Jan. The largest jackpot ever was a Powerball ticket in California worth a whopping $2.04 billion in Nov. The winning ticket was sold at a Publix supermarket in Neptune Beach, a town along the Atlantic Coast near Jacksonville. The jackpot is also subject to federal taxes. They have up to 180 days if they choose to go with an annuity, which is paid out in 30 annual installments. In Florida, winners have to claim the lump sum within 60 days of the drawing. 01 How do online Mega Millions tickets work Select your numbers and complete your order. ![]() The lottery did not confirm whether the winner took the lump sum or the annuity, and did not specify the estimated lump sum amount. Ahead of the next drawing on Tuesday, the Mega Millions jackpot sits at an estimated 1.05 billion with a 527.9 million cash option, tied for the fourth-largest prize in the lotterys history. Under a new Florida law, the winner’s name remains anonymous for 90 days from the date the prize was claimed, which was on Sept. – The winner of the $1.6 billion Mega Millions jackpot in August has come forward to claim the prize, officials said Wednesday.
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