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Another lottery jackpot exceeds $1 billion – is this the new normal?



Remember this moment because it probably won’t last long: The US lottery jackpot is projected to top $1 billion, and that’s still a big deal.

Friday’s The Mega Millions drawing is worth an estimated $1.15 billionis making headlines and possibly attracting more people to convenience stores with dreams of private spacewalks above Earth.

It doesn’t matter that the top 10 jackpots in the country – not including this one – already boast 10-figure payouts.

Friday’s Mega Millions drawing is worth an estimated $1.15 billion, generating headlines and potentially attracting more people to convenience stores with dreams of private spacewalks above Earth. getty images

For many of us, something stirs inside when a number ticks a dollar above $999,000,000.

“The question is, what happens when $1 billion becomes routine and people don’t care anymore?” said Jonathan D. Cohen, author of the 2022 book “For a Dollar and a Dream: State Lotteries in Modern America.”

“There are no easy round numbers beyond a billion,” Cohen said. “But at the same time, how much money could a person possibly, possibly, need?”

During this time, Mega Millions Ticket Prices It will increase from $2 to $5 in April.

Officials say this increase will be one of several changes that will result in improved jackpot chances, bigger prizes more often and even bigger payouts.

Lotteries date back to at least ancient Rome

Cohen writes in his book that lotteries have existed in some form for more than 4,000 years.

In Rome, emperors and nobles would paint portraits at dinner parties and give them as rewards, ranging from terracotta vases to enslaved people.

As early as the 1400s, lotteries were used in Europe to finance city defenses and other public works.

Officials say this increase will be one of several changes that will result in improved jackpot chances, bigger prizes more often and even bigger payouts. getty images

Sweepstakes were common in the American colonies, helping to pay for the revolution against Britain. Cohen notes in his book that Thomas Jefferson approved of lotteries, writing that they were “a tax imposed only on the willing.”

lottery started Fell out of favor in America in the 1800s Due to concerns of fraud, mismanagement and impact on poor people.

But since the 1960s, states began legalizing them to help address financial shortfalls without raising taxes.

Cohen wrote, “The lottery was viewed as a budgetary miracle, a chance for states to generate revenue seemingly out of thin air.”

Mega Millions’ first jackpot starts at $5 million

When Mega Millions debuted in 1996, it was called “The Big Game” and only six states were involved. It was intended to compete with Powerball, which then had 20 states and the District of Columbia.

Mega Millions ticket prices will increase from $2 to $5 in April. AFP via Getty Images

The base payment for The Big Game started at $5 million. Adjusted for inflation, this value would be almost double what it is today.

In 2024 dollars, the pre-tax prize could buy a rare copy of the U.S. Constitution or cover Michael Soroka’s $9 million contract to pitch next season for the Washington Nationals.

By contrast, pre-tax winnings from Friday’s Mega Millions prize could theoretically buy a Major League Baseball team.

Nationals will be very expensive. But Forbes recently valued the Miami Marlins at $1 billion.

A better comparison might be Taylor Swift’s tour revenue at the end of 2023. His Eraz Tour became the first tour to earn over $1 billion after selling over 4 million tickets.

However, according to concert trade publication Pollstar, when Swift’s tour finally ended on December 8, it was expected to bring in more than $2 billion.

Why are the jackpots getting bigger?

These days, Mega Millions and its lottery compatriot Powerball are sold in 45 states as well as Washington, DC and the US Virgin Islands. Powerball is also sold in Puerto Rico.

In October, Mega Millions said it expected ticket revenues to increase and more people to win due to lower stratospheric odds, even if the prizes became exceptionally high.

Games with higher payouts tend to be more popular despite lower odds. Bigger jackpots attract more media attention, increase ticket sales and bring in new players, Cohen said.

Lotteries began to decline in popularity in the US in the 1800s due to concerns about fraud, mismanagement, and the impact on poor people. AFP via Getty Images

That allows lottery officials to lower the odds with a larger pool of numbers to choose from, Cohen said. And that’s made the game harder to win, leading to payouts that turn into even bigger prizes.

The first billion dollar jackpot was in 2016. Cohen said he expects that trend to continue moving forward.

Meanwhile, he warned against criticism of troubled or bankrupt lottery winners.

A famous example is Andrew “Jack” Whittaker Jr. He won a record Powerball jackpot in 2002 after purchasing a single ticket, but soon fell victim to scams, lawsuits, and personal setbacks as he faced constant requests for money, leaving him unable to trust. Other.

Most winners aren’t made like him, Cohen said.

Cohen said, “Even if we deny it, we all believe in meritocracy – the belief that if you won your money through luck, you don’t really deserve it.” And yet various studies have shown that “lottery winners are happier, healthier, and wealthier than the rest of us.”

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