Those lucky enough to win a jackpot lottery ticket are in for a treat. The prize pool is worth several hundred million dollars. It’s also the largest lottery prize ever. It is estimated to be paid out over a period of 29 years.
This is a big deal, especially since the average win has increased from about $95 million to about $141 million. The Powerball jackpot is the fifth time the game has reached 10 digits in the past five years.
If you play the lottery, you may have heard of the Just the Jackpot option. It is a special wager printed on separate tickets from normal Mega Millions plays.
The JtJ isn’t always available, but in Wisconsin it is. The ticket must be generated from a terminal. Similarly, a “Just the Millions” wager in Kansas allows players to choose any combination of five numbers and win a share of the jackpot.
The prize may be smaller than you expected. The expected value of a ticket is the average of all the possible outcomes.
The lottery has been around for a while. It has been tweaked and changed to make it more difficult to win. The largest Powerball jackpot was sold in Altadena, CA. It had an odds of one in 292.2 million.
The Mega Millions jackpot has grown to over a billion dollars. The prize is paid out as a lump sum, or annuity, over the course of several years.