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The largest jackpot in US lottery history — US$1.6 billion ($2.2 billion) — will be up for grabs during the next Mega Millions draw.
Key points:
- The odds of winning the jackpot are one in 302.5 million
- Lottery officials lowered the chance of winning, leading to higher jackpots
- Winners can opt for a smaller cash payment or the full amount paid over 29 years
The lottery, to be drawn next Tuesday, climbed to the record high after no winning tickets were sold during Friday night’s draw.
It costs US$2 to play the game, but the odds of winning the jackpot are one in 302.5 million.
If a player hits all six numbers to win the jackpot, they can opt for an immediate cash payment of US$904 million ($1.2 billion) or receive the $1.6 billion prize over 29 years.
After federal taxes and state deductions, which vary across the US, winners will generally end up with around half that amount.
Powerball, which held the record for the largest US lottery prize of $1.586 billion in 2016, will hold a separate draw on Saturday. Its jackpot rose on Friday to $470 million from $430 million, with a lump sum value of $268.6 million.
Worse odds, bigger jackpots
Lottery officials changed the odds in recent years to lessen the chance of winning a jackpot, which in turn increased the opportunity for top prizes to reach stratospheric levels.
The theory was that bigger jackpots would draw more attention, leading more players to fork out for a $2 ticket.
The more tickets sold, the more the jackpots grow, leading to more players.
Lottery tickets fly out of mini-marts fast when the top prizes swell to such high numbers.
In California, for example, the lottery on Thursday sold US$5.7 million in Mega Millions tickets during the first half of the day.
The height of sales came during the lunch hour, when people were buying 200 tickets per second.
Powerball, which held the record for the largest US lottery prize of $1.586 billion in 2016, will hold a separate draw on Saturday.
Its jackpot rose on Friday to $470 million from $430 million, with a lump sum value of $268.6 million.
AP/Reuters
Topics: gambling, united-states
