WPBN: Keep in mind that this moment is likely to pass: An estimated $1 billion will be won in a US lottery, which is still a significant amount.
With an estimated $1.15 billion in value, Friday’s Mega Millions drawing is sure to make headlines and tempt more individuals to convenience stores with fantasies of private spacewalks above the planet.
The top 10 jackpots in the country, excluding this one, have already claimed 10-figure payments, but it doesn’t seem to matter.
Something inside of many of us stirs when a figure ticks over $999,000,000 by one dollar. In April, Mega Millions tickets will cost $5 instead of $2.
The raise is one of several adjustments that authorities claim will lead to better jackpot odds, more frequent gigantic prizes, and even bigger payments.
Since at least ancient Rome, lotteries have existed.
Lotteries have been around in one form or another for almost 4,000 years, according to Cohen’s book.
Emperors and nobility in Rome used to hold draws during dinner parties and give out prizes that ranged from slaves to terracotta vases. Lotteries were utilized in Europe as early as the 1400s to finance public works projects like city defenses.
The American colonies frequently held sweepstakes, which contributed to the funding of the uprising against Britain. In his book, Cohen pointed out that Thomas Jefferson was in favor of lotteries, describing them as a tax “imposed only on the willing.”
In the United States, lottery popularity started to decline in the 1800s due to worries about fraud, poor management, and the effects on the poor.
But in order to help fill budget gaps without increasing taxes, legislatures started legalizing them in the 1960s.
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The inaugural Mega Millions prize was $5 million
Only six states participated in the 1996 launch of Mega Millions, which was dubbed “The Big Game.” Powerball, which included 20 states and the District of Columbia at the time, was supposed to be its rival.
The initial sum awarded in The Big Game was $5 million. After accounting for inflation, the value would be almost double that now.
The prize, before taxes, could cover Michael Soroka’s $9 million contract to throw for the Washington Nationals next season or purchase a rare copy of the US Constitution in 2024 dollars.
The pre-tax proceeds from Friday’s Mega Millions prize, on the other hand, might be enough to purchase a Major League Baseball team.
The Nationals would cost too much. The Miami Marlins, however, were recently valued at $1 billion by Forbes.
The earnings from Taylor Swift’s tour near the end of 2023 might make a more accurate comparison. Her Eras Tour sold over 4 million tickets, making it the first to make over $1 billion.
But when Swift’s tour finally ended on December 8, concert trade newspaper Pollstar predicted that she would earn over $2 billion.
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The reasons behind the increasing size of jackpots
Mega Millions and its lottery cousin Powerball are currently offered in 45 states, Washington, DC, and the US Virgin Islands. Puerto Rico also offers Powerball for sale.
In October, Mega Millions expressed its optimism that, despite the astronomically large prize amounts, more people would win because to more ticket sales and less stratospheric odds.
According to Cohen, lottery administrators have permitted the odds to decrease by providing a wider selection of numbers. As a result, games are now more difficult to win, and payouts eventually accumulate into bigger jackpots.
In 2016, the first prize worth a billion dollars was won. According to Cohen, he believes the upward trend will continue.
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As for the clichés of the struggling or bankrupt lottery winner, he cautioned against them.
One famous example is Andrew Whittaker Jr. After purchasing a single Powerball ticket in 2002, he won a record-breaking jackpot, but he soon became embroiled in controversies, legal disputes, and personal losses as a result of being pestered for money all the time, which made him lose faith in other people.
