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Wed Dec 18, 2013 16:54:58PM |
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Two lucky people or groups found themselves millionaires many times over after their numbers were picked in the massive $648M Mega Millions lottery drawing last evening. One woman from Georgia has already come forward with the winning ticket and another winner in California has yet to come forward. The winners would claim either $324 million each over time or $173 million each if they took the lump sum.
Last nights lottery was the second largest jackpot in history, but what is not often talked about in the equation is how the consolidation of state lotteries into conglomerates has ushered in a seemingly endless "largest jackpot in history" cycle that we see today. Seven of the ten largest lottery jackpots have happened since March of 2012 and that number is only destined to go up as time goes on.
The consolidation of the lotteries has definitely had an effect on the size of the jackpots, but it also has drastically changed the odds of ever winning. While the odds of winning the lottery were and always will be extremely slim, they are now astronomical. The average odds for winning a jackpot as large as this are 1 in 175 million, regardless of how many tickets you buy.
So keep those odds in mind the next time you decide to go spend your life savings in the hopes of hitting the jackpot. Also keep in mind that seventy percent of lottery winners blow through their winnings and wind up bankrupt because they don't know how to handle their new found riches.
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