AutoMechanic
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My family didn’t buy just one ticket lol.
It's billion. With a "B"
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I play for fun. One time I got thrown for a loop because MegaMillions switched from $1 to $2 in April 2017. I bought my single ticket through a machine and eventually noticed they changed the buttons to higher amounts. I tried pressing it after inserting $1 and didn't get my usual. I had to add $1 to get it.
They had some higher jackpots in the past. Back when it was $1 a ticket the highest jackpots were over $600 million.
https://www.megamillions.com/jackpot-history
Looking at the names of the winner - most states say the name and residential location of the winner. Other states (especially California) state the name and the city where the ticket was purchased. A few states allow for anonymous winners.
No, the tickets are $2 each. Also, you might split it with other winners. And there’s not enough time before a drawing to buy that many tickets. And...you don’t have $604 million in cash to buy said tickets.
Edited-for math
This article mentions that, but it's in an easier to read format than the NY Times archive. The secret was that they used printers to print up as many playslips as they could. These days no lottery will accept anything except an official playslip. They also got fortunate that nobody else managed to win, which would have meant a split jackpot.
There's also one other consider when you're talking taxes. It's actually legal to deduct the cost of the tickets against any winnings. It's considered gambling winnings, and the costs can be factored in. For something like they might even be able to factor in the costs of all the runners. The only rule for an individual is that they have to win at least $100 and can only deduct up to the winnings as itemized deductions. But it's for the entire calendar year. I'm thinking something similar could be done for a consortium.
https://ttlc.intuit.com/community/t...off-losses-count-as-gambling-losses/00/381400
The jackpot history link that @y_p_w posted is interesting. Despite the large amount of play, the odds of anyone winning (anyone at all, not any particular person winning) are small. In the past 5 years (520 twice weekly drawings), jackpot numbers were matched only 31 times. Two of those were split two ways, none were split more than two ways.
So in about 16 out of 17 drawings, nobody matches the jackpot. The history of a jackpot winner being in a split is 4 out of 33 total winners-- 7 of 8 jackpot winners took it all.
This might change if someone won tonight. I know for sure that I didn't win.
So in about 16 out of 17 drawings, nobody matches the jackpot. The history of a jackpot winner being in a split is 4 out of 33 total winners-- 7 of 8 jackpot winners took it all.
This might change if someone won tonight. I know for sure that I didn't win.
I haven't checked yet. And if I won I wouldn't be stupid enough to admit to it here and be tracked down by everyone with a sob story.
It really depends on how many people buy tickets and just the randomness of whether or not someone hit the numbers. It's mostly just the jackpot carrying over.
Having a big number helps too. Over the years they've tweaked the odds by making more numbers and increasing the odds. Tweaking the odds was meant to lead to fewer winners and bigger jackpots. And a $2 ticket price inherently makes the prizes bigger, although people don't really think about it.
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I'll never understand why everyone loses their minds when the lotto hits an insane amount and they go nuts buying tickets. I know I'm in the minority, but if I ever played the lotto, I'd be going nuts buying tickets AFTER someone takes the big prize. Why? Because nobody wants to play for that 'lousy' $800K. If nobody is going crazy buying tickets, the way I see it, I have better odds of winning. I understand the real battle is getting the numbers right and not the other players.
An analogy I've used in the past: It's like a fat kid participating in and trying to win the Honolulu Marathon [which is the $800K lotto]. The challenge is not the number of runners [ticket buyers], it's actually winning/completing the race [getting the correct numbers]. Sure, the bragging rights of winning Honolulu [the $800K] are nothing compared to winning the Boston Marathon [the $1B]. But it's statistically easier to win when there's far less competition. If there's fewer runners, assuming you can actually finish the race, you just increased your odds significantly.
Iknow I'd sure be happy with $800K. Wouldn't you?
An analogy I've used in the past: It's like a fat kid participating in and trying to win the Honolulu Marathon [which is the $800K lotto]. The challenge is not the number of runners [ticket buyers], it's actually winning/completing the race [getting the correct numbers]. Sure, the bragging rights of winning Honolulu [the $800K] are nothing compared to winning the Boston Marathon [the $1B]. But it's statistically easier to win when there's far less competition. If there's fewer runners, assuming you can actually finish the race, you just increased your odds significantly.
Iknow I'd sure be happy with $800K. Wouldn't you?
OilMagnate, like you said, the chance that you hit the numbers doesn’t change whether you are the only player or there are 20 million players. It’s still 1 in ~302 million. I’d like to see them add another ball when the jackpot gets above a certain point to really make it tough to win. Then maybe we’d see multi billion dollar prizes. I didn’t win on my 2 tickets.
The odds of winning don't change with how many people are playing--the odds of having to split the pot do.
If the odds are one in 300 million, and you're playing for less than that... there's a chance you'll lose, but even if you win you aren't "breaking even" with the 1:300m.
With MM at a billion bucks, the odds are among you or the other 1/2 billion players, 1.6 people are going to win. But there's also a chance of a single, sole winner getting everything.
I've explained this very poorly.
Meh. Can't take it with you when you kick it. Could argue that $2 invested twice a week starting at age 18, and going until one is 67, and likewise saving every dollar until then, is the right way to live. But not many are that frugal, nor will all live to 67.
I'm not sure if all advisors are fans of "mad money" (or an allowance) but one could buy their tickets out of that. Seems like a poor use, but that's the point of mad money. Money you don't have to justify, it's a frivolous category in one's budget, meant to keep one's self from spending larger amounts of money poorly, by giving an outlet for (some) impulse buys and/or toys.
The jackpot is cumulative so there’s nowhere near a half billion players/tickets sold each drawing.
Someone won it......................in Michigan,,,,check me out,,,i could be wrong
I'm happy when I find a penny in the street.
Single winner bought it at a Kroeger outside Detroit.
You can't possibly buy all of the combinations. There isn't enough time in between drawings to enter them all.
You can't possibly buy all of the combinations. There isn't enough time in between drawings to enter them all.
The reason you don't understand is that you don't understand how the odds work. As everyone said the odds of winning are the same. Keep that in mind, it's the SAME no matter if the jackpot is big or not. If they are the same and you can only buy one ticket, would you buy a shot at a billion or $20 million? Since they increased the odds, the likelihood of multiple winners is actually down. Sorta like how you're likely to have 3 winners when the odds are 1 in 100 million and 300 million are played, but when the odds are 1 in 300 million, then you only get one.
The marathon analogy is completely wrong, that involves skill and ability not random chance. If the odds are the same of you winning one marathon or another, then you would enter the one with the largest prize. If it's more likely that you will win the smaller one instead of the larger one, that means the odds of winning are different and it's not the same. A marathon involves skill, a lottery is purely random.
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