The Mega Millions prize drawing for Jan. 15 has soared to US$ 750 million and counting. This makes it the 2nd largest pot in Mega Millions history-- gone beyond just by the $1.537 billion winning ticket in October 2018-- and the 5th biggest lotto jackpot ever in the U.S

. In ts911 the middle of the 20th century, when lottos first started in the U.S., they were sold to states a benefit to the American public. That suggests that larger and larger jackpots need to mean more tax dollars to invest in public services like education.

But that isn't occurring. So what's actually going on?

Big cash, small odds

Initially, let's take a look at how lottery prizes get so big. Since Sept. 15, 2020, week after week, nobody has drawn the winning numbers and the unclaimed pot rolls over into the following week. As the tickets keep getting bought, the pot gets bigger.

You too have the opportunity to win the one of the biggest Mega Millions prizes ever with the simple purchase of a $2 ticket. However, your chances are pretty slim. With a 1 in 300 million chance of picking the matching numbers, you are three times most likely to be eliminated by a vending device.

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A simpler method to really wrap your head around these odds is to think of a bathtub overflowing with white rice. Take one grain of rice, paint it gold and after that bury it somewhere in the tub of rice. Now, have someone walk in the bathroom door, blindfold them and have them attempt, in one fortunate dip, to pick out that single golden grain of rice.

According to a 2016 survey, about half of Americans play the lottery game today, compared to nearly 70% in the 1980s. That means the lottery game requires to draw out more money from less individuals-- a distressing trend for lotto runners.

Mega Millions decided to decrease everyone's chances of winning, in order to grow the jackpots larger. Before 2017, gamers chose five numbers between 1 and 75 and then one number in between 1 and 15. Now, each gamer selects 5 numbers between 1 and 70 and after that one number between 1 and 25. This increases your opportunities of matching five numbers and receiving some sort of reward, while decreasing your chances of winning the entire shebang. What's more, the cost of a ticket has doubled.

Obviously, as the prize grows, more individuals want to purchase a ticket. According to the Bureau of Labor Stats, in 2017 and 2018, the typical American invested just under $70 a month on the lottery or wagering swimming pools. And because only about half of the nation plays, the average quantity spent per player is greater.

Where the money goes

Mega Millions revenues are divided in between 47 lottery jurisdictions-- 45 states, D.C. and the U.S. Virgin Islands. Overall, 27 states allocate some or all lotto revenue for education. In D.C., the lotto dollars go to a general fund; in Colorado, the funds approach environmental protection; and in Kansas, a few of the cash spends for juvenile detention facilities.

The lottery game was promoted as a way to develop more money for education-- but the majority of state legislatures haven't been utilizing the money as additional financing. Instead, they use the lottery game money to spend for the education budget, investing the money that would have been used on education if there wasn't a lottery budget on other things. As an outcome, public schools hardly ever get a budget plan increase.

An April 2018 research study from the North Carolina Center for Public law Research study revealed that lots of states-- including California, Florida and Michigan-- simply substitute lottery game profits for normal appropriations. As of 2016, North Carolina dedicated a smaller sized portion of its total budget plan to education than it did before starting the lotto.

With states like New York getting a record $10 billion in sales from the lottery in 2019, that is a pretty darn huge bait and switch.

This doesn't necessarily imply that it's time to ax the lotto. But it does beg the concern: Is lotto money a good idea for a state? It does fund some government services, but it isn't constantly clear what. And the harm of gambling dependency must be taken into consideration somehow.

In the meantime, I'm off to buy a ticket for this Mega Millions prize. I suggest, somebody's got ta win ... This is an updated variation of a post initially released on Oct. 20, 2018.