When the jackpot reaches $1 billion, lottery sales skyrocket. And the resulting virtuous cycle grows the odds that someone will win. That’s why it’s important for players to purchase tickets on a regular basis, not just when the prize gets big, says Duke University professor Charles Clotfelter, who spoke with WRAL News. That way, the chances of winning are more consistent.
The number of people who have won the jackpot lottery isn’t that high. In fact, the average person is more likely to get struck by lightning hundreds of times than win the Powerball or Mega Millions jackpot. But that doesn’t mean there aren’t strategies to improve your odds. Clotfelter says one way to do this is by purchasing multiple tickets with different combinations of numbers, which could increase your chances of winning. Another is by bringing in investors to split the ticket with you. The only catch here is to make sure your agreements are watertight and that the investors don’t demand a percentage of the entire jackpot prize.
It’s also important to keep in mind that the jackpot lottery odds change as the prizes grow, especially when the winning ticket isn’t claimed immediately. For example, if there are no winners in the first drawing, the jackpot will grow to $270 million for the next drawing. After that, the jackpot will grow again until a winner is found. But if the winning ticket isn’t claimed within 90 days, the prize will drop to $150 million for the next drawing, and so on.
One last point: When it comes to the jackpot lottery, you’ll also want to consider your privacy. Each state has laws on whether or not you need to be publicly identified if you win the prize. If you do want to stay anonymous, Kovach recommends putting together a team of professionals that includes an attorney, accountant and financial planner who can help you make wise choices. For instance, they can help you weigh the payout options: a lump sum or an annuity that spreads payments out over a set period of time.
If you’re interested in becoming a jackpot lottery winner, it’s important to play regularly and purchase a ticket from a reputable retailer. But be careful, there are scammers out there looking to take advantage of people who are excited about the possibility of winning the lottery. And be sure to play responsibly: Don’t play while crossing streets, operating motor vehicles or using chain saws. And of course, never bet more than you can afford to lose. Good luck!
