After no big winner Friday night, the Mega Millions jackpot climbed to an estimated US$1.55 billion. Here are some things to know about the odds of winning the lottery.
Cody Jackson-Strong, 29, buys a Mega Millions lottery ticket, Thursday, Aug. 3, 2023, at a gas station in Minneapolis, with hopes of winning the jackpot. After no big winner Friday night, the Mega Millions jackpot climbed to an estimated US$1.55 billion. If someone wins it all on Tuesday, when the next Mega Millions drawing takes place, the prize would one of the largest in U.S. lottery history.
Lottery tickets are "definitely not good investments," Matthew Kovach, an assistant professor in Virginia Tech's economics department told The Associated Press last month. "They're not even investments ... there's an expectation you will always lose money."WINNING THE LOTTERY IS NEARLY IMPOSSIBLE. WHAT'S MORE LIKELY?
"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. "Imagine you have to drive half a mile to buy your lottery ticket, so you have a 1 mile round-trip. 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.
The estimated US$1.25 billion jackpot seen for Mega Millions' Friday drawing, for example, is the annuity option -- and the cash value for this prize is nearly half that, standing at US$625.3 million. Most jackpot winners opt for the cash.
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