Buzz
The Mega Millions jackpot soared to $1 billion earlier today, driven by a series of factors that pushed it to record-breaking levels.
So, if you're thinking 'why not?' about purchasing a ticket, we get it. After all, you have the same 1 in 302.6 million odds of winning the jackpot as anyone else.
These odds are tougher than before—by design. Last year, changes were made to the lottery to reduce the frequency of jackpot payouts, as reported by CNBC. Before October 2017, the odds stood at 1 in 258.9 million. With fewer big winners, the jackpot has been growing, now reaching the $1 billion milestone.
There are also smaller jackpots with slightly better odds, according to the Mega Millions website:
Second Place (five matching numbers): 1 in 12,607,306
Third Place (four matching numbers with Mega Ball): 1 in 931,001
Fourth Place (four matching numbers): 1 in 38,792
Fifth Place (three matching numbers with Mega Ball): 1 in 14,547
Sixth Place (three matching numbers): 1 in 606
Seventh Place (two matching numbers with Mega Ball): 1 in 693
Eighth Place (one matching number with Mega Ball): 1 in 89
Ninth Place (no matching numbers with Mega Ball): 1 in 37
So, is it worth the price? Well, that depends. One simple way to look at it is to say: Absolutely not, playing the lottery is a fool’s errand, rich people don’t play it for a reason, it’s a waste of money, and lottery winners are often unhappy anyway. But where’s the fun in that view? A more detailed answer would involve using this equation from Slate to calculate a revised version of the expected value of the ticket. After considering federal taxes, Slate suggests that the ticket is actually worth about $2.20, even though it costs only $2. So buying a ticket with a $1 billion jackpot is actually a pretty good deal (Slate’s estimate is for the $970 million jackpot, so your deal is even better). The article also points out that if your state taxes lottery winnings over 8% (looking at you, New York), then it might not be such a great deal after all.
If you're feeling lucky, you can buy a ticket until 10:45 p.m. ET today, with the drawing taking place at 11 p.m. Powerball is at $470 million as of Friday, and its drawing will be on Saturday evening. If you’re aiming for both a Mega Millions and Powerball win, you never know—your odds are 1 in 88 quadrillion.
