Why are PowerBall jackpots higher than Lotto Jackpots? | Zululand Observer (2024)

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Why lottery jackpots get bigger? ›

Officials changed the number of balls to draw from, making it easier to win smaller prizes but harder to win a bigger pot. That means the top prize keeps rolling over drawing after drawing, growing bigger and bigger in the process. Powerball players have a one-in-292-million chance of winning the jackpot.

The odds of winning a Powerball jackpot — no matter the size — stand near 1 in 292.2 million. Chances of taking home Mega Millions' top prize are even lower, at about 1 in 302.6 million. Because of the almost impossible chance of winning big, experts stress that you shouldn't spend all your money on lottery tickets.

(KGET) – It should come as no surprise that the odds of winning the Powerball jackpot are quite slim at roughly 1 in 292.2 million. But don't fret, because you still have better chances of achieving similarly exceptional accomplishments, like hitting a hole-in-one, meeting the president, or … being struck by lightning?

According to the National Endowment for Financial Education, 70% of lottery winners go bankrupt within a few years. Obtaining more money often leads to careless spending and the desire to get more money, and the greed can be destructive to the lives of winners and their families.

The answer is taxes. Lotto winners who take the annuity end up paying much more in taxes than those who opt for the lump sum because they have to pay yearly taxes. Whereas those who take the lump sum pay taxes once when they get the money, then the rest of the money is theirs to spend or invest.

Chances of winning the lotto between playing quick picks or selecting your own numbers are both equal. “Around 70 to 80 percent of Powerball players use Quick Pick tickets, and the same percentage of winning entries are Quick Picks,” one report said.

5. $656 Million (Kansas, Illinois, Maryland) Three separate winning tickets split this huge jackpot on March 30, 2012. Two of the three winning tickets were Quick Picks, randomly assigned numbers from the computer.

By the way, these long odds are by design. In October 2015, the non-profit organization controlling Powerball changed the format, increasing the range of white balls from 59 to 69, while lowering the range of Powerballs from 35 to 26. The odds dropped from one in 175 million to one in 292 million.

What states have never hit the Powerball? ›

The states that have never produced a winning Powerball ticket are Mississippi, North Dakota and Wyoming, along with the U.S. Virgin Islands. There are even more states, 19, that have never produced a winning Mega Millions ticket. Some states — Alabama, Alaska, Hawaii, Nevada and Utah — simply don't play the lottery.

The states that have not yet had a winner are Maine, Mississippi, North Dakota, and Wyoming. On the flip side, some states have had multiple jackpot winners.

Among the Powerballs, Nos. 4 and 14 are the least likely. Nos. 15, 17, 19 and 21 are well below the expected average. Of the four, only 21 hadn't hit in 2023 until the July 17 drawing.

Does buying more tickets increase your odds? Yes. If you buy five tickets with different numbers, you are five times more likely to win than buying just one. But, keep in mind, this is like saying you need to flip heads 28 straight times.

Powerball officials review interest rates when calculating the jackpot, and Mega Millions officials rely on that day's 30-year U.S. Treasury rate to calculate their game's jackpot prize. As Becker explains, rising interest rates sparked by record inflation have also led to greater purchasing power.

The credit for such big jackpots comes down to math -- and more difficult odds. In 2015, the Powerball lottery lengthened the odds of winning from 1 in 175.2 million to 1 in 292.2 million. Mega Millions followed two years later, stretching the odds of winning the top prize from 1 in 258.9 million to 1 in 302.6 million.

Lottery jackpots grow so large because the odds of winning are so small. For Mega Millions, the odds of winning the jackpot are about 1 in 302.6 million. The $940 million prize would be for a sole winner choosing to be paid through an annuity with annual payments over 30 years.

A New York man named Juan Hernandez is one of the most famous examples of someone who has hit it big and defied the odds. Not only did he win the $10 million prize on the state's $10 million deluxe scratch-off game, but he did it two times. He chose to receive his winnings in a lump sum of $6,510,000 (for each ticket).