Winning the lottery is a dream or goal for millions of people each day. All you have to do is look at the ticket sales to see how true that is. Even though winning the lottery is an enormous longshot, people are still rushing to a convenience store in order to buy a ticket.
People do have luck playing scratch-off style lottery tickets each day. However, those prizes aren’t usually going to be life-changing. It’s the Mega Millions and Powerball lottery games that provide those massive jackpots. But the odds of winning those games seem to get harder by the day.
Figuring out the odds to win the lottery can be difficult. It really comes down to what the game is that you plan on playing. No matter how you look at it, you’re going to have to have some major luck on your side in order to hit a big jackpot.
Here’s a look at some of the odds that are out there when looking at trying to win the lottery.
Someone Has to Win
When most people think about the lottery, they’re first going to think about Mega Millions and Powerball. Those are the games that come with the biggest overall jackpots. In fact, they have both gone over $1 billion in recent years. (With a November 2022 win topping $2 billion!)
The odds of winning Powerball don’t change, even if the jackpot is bigger than normal. Those odds are currently set at 1 in 292.2 million. (Sounds pretty ridiculous when you even read those numbers.)
Mega Millions used to be easier to win than the Powerball, but that’s no longer the case after a recent rule change. Winning the jackpot through Mega Millions comes with odds set at 1 in 302.6 million. Despite those long odds, people are still trying to play every single week.
Most people think that flipping a coin comes with a 50/50 chance. That’s a good frame of reference to think about with these odds. The odds of winning the Powerball is about as likely as flipping a coin and having it land on heads 28 straight times.
While you’ll probably never even know someone who wins the big jackpots with the lottery’s biggest games, there’s a way to win some money on each contest.
Finding Better Odds
The odds to win some sort of prize with the Powerball or Mega Millions is right around 1 in 24. That’s a pretty decent chance. Which is the better option?
The Powerball costs $2 per play. You don’t have to make a big investment when signing up to play. That $2 is not likely to come with a massive payout though, or even a payout of any kind.
You’re going to pay the same price for Mega Millions. But, there are a number of different ways to win with this game. Since winning the Mega Millions is statistically harder than Powerball, you should be playing Powerball regardless of which game has the bigger jackpot.
Hitting the Jackpot Has Gotten Harder
The ten largest jackpots ever handed out have all happened in the last ten years. There’s a reason for that change. Both games wanted to make the jackpots bigger to entice more action, but there’s another reason that the top prizes have grown.
Powerball and Mega Millions Lengthen the Odds
Powerball made the first move back in 2015. It decreased the odds of winning from 1 in 175 million to 1 in 292.2 million. This was done by adding new rules to the game. Those rules make it harder to match all of the numbers that were needed.
Mega Millions made a similar change just two years later. It was done to continue to make it harder to win. Those odds used to be set at 1 in 258.9 million, but they’re now set at 1 in 302.6 million. The longer the odds, the longer it takes to win. The longer it takes to win, the larger the jackpot.
Another thing to keep in mind when thinking about the jackpots is the fact that you aren’t going to be taking home the entire prize. You can choose an annual annuity or take your winnings in a lump sum. Lump sums are significantly less that the annuity. Then there are the taxes that will have to be paid either up front with a lump sum or yearly with the annuity.
Other Unlikely Occurrences
You’ve probably already grasped just how lucky one would have to be in order to win a massive lottery jackpot. Let’s take it one step further. There are some cliches that people like to throw around when talking about improbable odds, and they’re all actually more probable than winning the lottery.
A person has around a 1 in 35,000 chance of dying in a massive storm during their lifetime. The odds of that happening are much higher than hitting the lottery.
And of course, you have a 1 in 1,222,000 chance of being struck by lighting at some point in your lifetime. Most people don’t usually worry about getting struck by lightning, but that’s way more likely than ever winning the lottery.
Is It Worth It?
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Participating in the lottery requires a ticket purchase if you aim to win. Remember, only a handful of people will snag the big jackpots each year.
Deciding whether to play the lottery is a personal choice. It hinges on your expectations. Winning the grand prize is highly unlikely, though there are smaller awards up for grabs.
Purchasing more tickets might slightly improve your odds of winning big, but it won’t change much overall. Enjoy the game, but don’t rely on lottery winnings as a plan for financial security in retirement.
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