Soon, we'll settle for nothing less than $2 billion.
A big lottery jackpot is back. In July, Mega Millions offered a $1.3 billion prize, the fourth largest in American history. This week, Monday night’s Powerball drawing promised an even more astronomical sum: $1.9 billion, a national record. The odds of winning are just 1 in 292.2 million. But across the nation, Americans from all walks of life are shelling out a few dollars for the dream of becoming a billionaire.
The key was the possibility that the prize would grow with each failed drawing and subsequent rollover. A bigger prize, officials understood, would attract more players, which would push the jackpot higher, which would attract more players, and so on. Lottery administrators recognized that players were interested in bigger jackpots—even if this meant worse odds of winning. So states gradually reduced the odds in order to increase the chances that prizes would roll over. And roll over they did.
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