Remember this moment because it probably won’t last: A U.S. lottery jackpot is projected to soar above $1 billion, and that’s still a big deal.
A Billion-Dollar Jackpot
Friday’s Mega Millions drawing is worth an estimated $1.15 billion, evoking headlines and likely luring more people to convenience stores with dreams of private spacewalks above the earth.
The Psychology of a Billion-Dollar Jackpot
"It doesn’t seem to matter that the nation’s top 10 jackpots — not including this one — already have boasted 10-figure payouts. For many of us, something stirs inside when a number ticks one dollar above $999,999,999," said Jonathan D. Cohen, author of the 2022 book "For a Dollar and a Dream: State Lotteries in Modern America."
Lotteries Date Back to Ancient Rome
Cohen notes in his book that lotteries have existed in one form or another for more than 4,000 years. In Rome, emperors and nobles held drawings at dinner parties and awarded prizes that ranged from terracotta vases to people who were enslaved. As early as the 1400s, lotteries were used in Europe to fund city defenses and other public works.
A Brief History of Lotteries
Sweepstakes were common in the American colonies, helping to pay for the revolution against Britain. Cohen noted in his book that Thomas Jefferson approved of lotteries, writing that they were a tax "laid on the willing only." Lotteries began to fall out of favor in the U.S. in the 1800s because of concerns over fraud, mismanagement, and impacts on poor people. But starting in the 1960s, states began to legalize them to help address financial shortfalls without raising taxes.
Mega Millions’ First Jackpot
When Mega Millions started in 1996, it was called "The Big Game" and involved only six states. It was meant to compete with Powerball, which then had 20 states and the District of Columbia. The original payout for The Big Game started at $5 million. The value would be nearly twice that today accounting for inflation.
Why Jackpots are Getting Bigger
These days, Mega Millions and its lottery compatriot Powerball are sold in 45 states, as well as Washington, D.C., and the U.S. Virgin Islands. Powerball also is sold in Puerto Rico. In October, Mega Millions said it hoped increased ticket revenue and less stratospheric odds would lead to more people winning, even as prizes grow extraordinarily high.
Conclusion
The upward trajectory of lottery jackpots is expected to continue. While it’s exciting to imagine the possibilities, it’s essential to remember that most winners don’t turn out like Andrew "Jack" Whittaker Jr., who won a record Powerball jackpot but fell victim to scandals and personal setbacks.
FAQs
Q: What is the estimated value of Friday’s Mega Millions drawing?
A: $1.15 billion
Q: How does the upward trajectory of lottery jackpots affect the psychology of winning?
A: It’s believed that larger jackpots attract more media attention, increase ticket sales, and bring in new players.
Q: What is the history of lotteries?
A: Lotteries have existed in one form or another for more than 4,000 years, dating back to ancient Rome.
Q: What is the purpose of lotteries?
A: Lotteries were initially used to fund public works and were later legalized in the U.S. to help address financial shortfalls without raising taxes.
