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Confused by the huge Mega Millions jackpot? Here are some answers

COST OF FIRE — CAUSES UNDER INVESTIGATION. >> THESE ARE THE BIG MILLION WINNING NUMBERS FOR THIS $830 MILLION JACKPOT. BIG LETTERS, NOT BIG WINNERS. >> THIS MEANS THE JACKPOT IS GOING UP ONCE AGAIN. THE GRAND PRIZE IS NOW OVER 1 BILLION. >> THE OPEN EYE MATTE ROD IS LIVE FOR US THIS MORNING WITH THIS HISTORIC JACKPOT. >> I HAVE TO LOSE TICKETS HERE. THOSE. TAKE A LOOK DOWN THERE, THAT’S THE NUMBER THAT’S STUNNING SOME EYE ALL THIS MORNING. SEE BELOW THEY GOT THE FANTASTIC SIGNAL HERE. THAT’S 1.02 BILLION. $. THIS IS THE THIRD LARGEST MEGA MILLION JACKPOT IN THE HISTORY OF THE GAME. TICKET WORTH 1.05 BILLION. $ SOLD IN 2021. THE MEGA MILLIONS JACKPOT IS WORTH SO MUCH BECAUSE THERE HAS BEEN NO WINNER IN THREE MONTHS. LET’S HAVE A SERIOUS DISCUSSION ABOUT THE ODDS OF WINNING, THEY ARE TERRIBLE. ONE IN 303 MILLION MANY YOU WIN THIS. BY BUYING THIS TICKET YOU NEED TO BE MONEY YOU CAN LOSE. AS I MENTIONED THIS WOULD BE THE THIRD BIGGEST BIG MILLION JACKPOT EVER WINNING IN ALL LOTTERIES. IT WOULD BE WEDNESDAY. OUR BIGGEST LOTTERY OF ALL TIME CAME BACK IN 2016, 1.58 BILLION, THAT TIME THERE WERE THREE WINNERS. $1.1 billion, I’M WILLING TO SHARE OUR PROFITS TOGETHER. WE NEED TO MAKE A DEAL RIGHT NOW IF ONE OF US WINS IT WE SPLIT THE MONEY. DOUGH

Confused by the massive Mega Millions jackpot? Here are some answers


Now that the Mega Millions jackpot has surpassed $1 billion — only the fourth time a lottery game has reached such heights — many people who rarely play the game are considering risking $2 or joining an office pool with hope of a huge reward. The ticket is easy, but it’s also easy to get confused about the odds, how prizes are set, and how winnings are paid out. Do your chances of winning increase or decrease as the jackpot increases? Your odds of winning the jackpot always remain one in 302.5 million, regardless of whether the grand prize is $20 million or the current $1.02 billion. You increase your chances of winning if you buy more tickets, but before you drop $100 at Quicky Mart for 50 tries, keep in mind that in the grand scheme of things, 50 out of 302.5 million chances aren’t much better than one. Also, realize that the $1.02 billion is for the annuity option, paid annually for 29 years. The cash option would pay $602.5 million. Is this a good time to play other lottery games? Just like the Mega Millions odds don’t change, the odds of winning a prize in Powerball, the other big national game, and other smaller state games are also fixed. Given that, you have no better chance now than at any other time. However, with fewer people buying tickets in these games, there is less chance that many players will hit the jackpot, forcing you to share your winnings. Which states have the most Mega Millions jackpot winners? Time for a road trip to lottery nirvana? Probably not. Since 2016, players have won 40 Mega Millions jackpots, with the few scattered across 22 states. And not surprisingly, there were more winners in states with larger populations and therefore more players. California takes home the award for the most Mega Millions jackpot winners during this period, with six lucky players. There are five winners in New York, four in New Jersey and three in Illinois. Notably, population heavyweights Texas and Florida have had few Mega Millions winners since 2016. Texas had two and Florida had one. Where are the paintings done? Drawings take place at 11 p.m. ET on Tuesdays and Fridays and are held at the WSB-TV studios in Atlanta. Are retailers getting anything out of this? Rules vary by state, but retailers typically receive a reward for selling a jackpot-winning ticket. In Ohio, for example, retailers get $1,000 for every million dollars of a jackpot, capped at $100,000. What if I choose an annuity but die before receiving all payments? Most jackpot winners opt for cash, but taking your winnings through an annuity, with 30 payments over 29 years, can help people reduce their tax bill slightly. If winners die before receiving all of their winnings, future payouts would go to their estate. Who runs Mega Millions and how do they decide the jackpot amounts? Lottery play is overseen by 45 state lotteries as well as gaming officials in Washington, DC and the US Virgin Islands. A panel of lottery representatives meets twice a week to determine the estimated jackpots.

Now that the Mega Millions lottery jackpot has surpassed $1 billion — only the fourth time a lottery game has reached such heights — many people who rarely play the game are considering risking $2 or joining an office pool in the hope of a huge reward.

Buying a ticket is easy, but it’s also easy to get confused about the odds, how prizes are determined, and how winnings will ultimately be paid out.

Do your chances of winning increase or decrease as the jackpot grows?

Your odds of winning the jackpot always remain one in 302.5 million, regardless of whether the grand prize is $20 million or the current $1.02 billion. You increase your chances of winning if you buy more tickets, but before you drop $100 at Quicky Mart for 50 tries, keep in mind that in the grand scheme of things, 50 out of 302.5 million chances aren’t much better than one. Also, realize that the $1.02 billion is for the annuity option, paid annually for 29 years. The cash option will pay $602.5 million.

Is it a good time to play other lottery games?

Just like the Mega Millions odds don’t change, the odds of winning a prize in Powerball, the other big national game, and other smaller state games are also fixed. Given that, you have no better chance now than at any other time. However, with fewer people buying tickets in these games, there is less chance that many players will hit the jackpot, forcing you to share your winnings.

Which states have the most Mega Millions jackpot winners?

Time for a road trip to lottery nirvana? Probably not.

Since 2016, players have won 40 Mega Millions jackpots, with the few scattered across 22 states. And not surprisingly, there were more winners in states with larger populations and therefore more players.

California takes the prize for the most Mega Millions jackpot winners during this period, with six lucky players. There are five winners in New York, four in New Jersey and three in Illinois.

Notably, population heavyweights Texas and Florida have had few Mega Millions winners since 2016. Texas had two and Florida had one.

Where are the plans made?

Drawings take place at 11 p.m. eastern time on Tuesday and Friday and are held at the WSB-TV studios in Atlanta.

Are retailers getting anything out of this?

Rules vary by state, but retailers typically receive a reward for selling a jackpot-winning ticket. In Ohio, for example, retailers get $1,000 for every million dollars of a jackpot, capped at $100,000.

What if I choose an annuity but die before receiving all payments?

Most jackpot winners opt for cash, but taking your winnings through an annuity, with 30 payments over 29 years, can help people reduce their tax bill slightly. If winners die before receiving all of their winnings, future payouts would go to their estate.

Who runs Mega Millions and how do they decide the jackpot amounts?

Lottery play is overseen by 45 state lotteries as well as gaming officials in Washington, DC and the US Virgin Islands. A panel of lottery representatives meets twice a week to determine the estimated jackpots.

Confused by the huge Mega Millions jackpot? Here are some answers Source link Confused by the huge Mega Millions jackpot? Here are some answers

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