Facts About Mega Millions, Powerball and Other Lottery Games

Mega Millions Mania has hit again! Even though it's a game of chance, my inquiring mind couldn't help but wonder about the facts concerning Mega Millions, Powerball, and other lottery games.

What's the biggest jackpot in Mega Millions, Powerball, or Lottery history?

The biggest jackpot ever was for the Mega Millions in March 2007 at $390,000,00! The second biggest lottery jackpot was for the Powerball in February 2006 at $365,000,00. The third biggest, to date, was for the Mega Millions in August 2007 at $330,000,000.

What are the chances of winning a jackpot worth millions?

Your chance of winning the Mega Millions is 1 in 175,711,536. Which is better than Powerball at 1 in 195,249,054.

Your chance of getting hit by lightning is approximately 1 in 700,000. So you're 251 times more likely to be hit by lightning than you are to win the Mega Millions. But if you get hit by lightning, it doesn't pay out.

Where does lottery revenue go?

In New York State lottery revenue is earmarked for education, but most New Yorkers question that. Is lottery revenue really going where it's intended? And if so, what percentage?

Here's a finding form an ABC News investigation:

...Patrick Pierce, a political scientist at St. Mary's College in Indiana, who has analyzed the impact of lotteries.

"In the first year of a lottery there is a dramatic increase [in spending on education]," he says.

In subsequent years, however, the increase in education spending is much smaller than in states without lotteries, Pierce says, even when adjusting for inflation, number of children in a state, and other factors.

"Given a few years, a state would have spent more on education without a lottery," he concludes.

Hmpf.

Is it true that most lottery winners go bankrupt?

The "lottery curse": urban myth or true story? According to Chelmsford wealth counselor Szifra Birke,
roughly one-third of lottery winners find themselves in serious financial trouble or bankrupt within five years of turning in their lucky numbers,

Other facts about lotteries:

A California study revealed that 40% of lottery players are unemployed.

In Maryland, the poorest 1/3 of the population buys 60% of the daily numbers tickets.

In Michigan, a 1994 study in Detroit found that people with less than a high school diploma spend over five times more than those with a college degree spend.

In New Mexico, in 1996, three of its poorest counties ranked among the top-10 best-selling counties in lottery ticket sales.

To play or not to play? Lottery, that is.

As I write this, it's reported that the upcoming Mega Millions jackpot could reach $325,000,000! I'm not a big lottery player, but I will certainly spend a dollar or two on a ticket for that kind of jackpot!

Of course, no one should ever put their family or personal finances in jeopardy for something as risky as gambling. (Mega Millions, Powerball, and other lotteries ARE gambling.) If you, or someone you know has done this, please visit Gambler's Anonymous at http://www.gamblersanonymous.org/

Sources:

http://www.philly.com/philly/news/breaking/54989527.html?cmpid=15585797

http://www.durangobill.com/MegaMillionsOdds.html

http://www.usatoday.com/weather/resources/basics/wlightning.htm

http://www.saneok.org/files/Facts&Stats/LottoFacts.pdf

http://abcnews.go.com/US/story?id=92595&page=1

http://www.eagletribune.com/punews/local_story_301015837.html