Jackpot lottery prizes are a big draw for many lotto players. They’re incredibly rare and can be life-changing. But there are a few things you need to know before you try your luck.
First, you’ll need to decide whether to take the lump-sum or annuity payout. Both are attractive options, but the annuity option has some important tax advantages.
You should always consult with a financial advisor before making major decisions like winning the lottery. You’ll need to consider your tax situation and how much of the prize you want to keep after taxes are paid.
It’s also a good idea to pick numbers that aren’t close together and avoid numbers associated with your birthday. This is because a large number of people choose to use their own birthdays when playing the lottery, which can lower your odds.
There’s also a growing trend of people buying a large amount of tickets to try to win the jackpot. But you should avoid this as you may end up with multiple winners who each get less than the total jackpot.
The jackpots are larger because the states that run these games band together. This is a reaction to residents of smaller states putting their money into larger state-wide lottery draws where the jackpots are bigger.
In this way, more people can play the game and have a chance to win, according to Mr Cohen. He added that the increase in eye-popping jackpots is due to several factors, including better odds and a rise in the number of billionaires.
Increasingly popular powerball and mega millions drawings are drawing in more fans than ever before, with jackpots topping $1 billion in the US for the fifth time in 2022. But the odds of winning are still significantly shorter than they were a decade ago.
This is partly because more states are offering jackpots and because the rules of these multi-state games are changing. The rules in Powerball and Mega Millions, for instance, have changed to make it more difficult for someone to win the jackpot.
But a big reason is that the population has grown and shifted in the US, Mr Cohen says. He added that a large percentage of Americans have moved from rural areas to urban centers.
And the growth of the middle class has made it easier to afford large jackpots.
There are a few ways to boost your odds of winning the jackpot:
You can buy more tickets and try to hit more numbers, or you can join a lottery group and pool money with other people. You can also choose to play only for the jackpot.
In many states, you can even pick just the jackpot without buying a ticket for any other prize levels. This is a great option if you have no intention of playing for other prizes and just want to try your luck at hitting the jackpot.
In fact, a number of people have claimed their entire jackpots using just the jackpot. In 2016, a woman won $636 million in the Mega Millions game by choosing her own birthday and the seven numbers that represented her family members.