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Interesting Facts About Lotteries and Mega Millions

You can read interesting facts about 'lotteries' and 'mega millions' in this article. Albert Einstein remarked, “Only two things are certain: the universe and human stupidity; and I’m not certain about the universe.” The fact remains that people do play lotteries, in abundance. By any logical analysis, playing the lottery does not make economic sense. So why do people are addicted of playing lotteries? The simple answer may be 'its fun, and even you don't even, seeing other people win is simply addicting. Another reason may be that we all enjoy lots of things that provide us with unpredictable rewards and playing 'lottery' is one of them.

You can read interesting facts about 'lotteries' and 'mega millions' in this article. 

Albert Einstein remarked, “Only two things are certain: the universe and human stupidity; and I’m not certain about the universe.” The fact remains that people do play lotteries, in abundance. 

By any logical analysis, playing the lottery does not make economic sense. So why do people are addicted of playing lotteries? The simple answer may be 'its fun, and even you don't even, seeing other people win is simply addicting. Another reason may be that we all enjoy lots of things that provide us with unpredictable rewards and playing 'lottery' is one of them.

Interesting facts about lotteries:

  • Ancient lotteries existed in China, Japan and India. G
  • overnment lotteries were probably first introduced in China during the 2nd century BC, in a form called Keno. 
  • Lotteries Have Been Prominent Throughout History. Ancient India, China, Greece, and Japan all had lotteries.
  • The emperor Nero had lotteries for prizes at parties. 
  • The Great Wall of China was financed, in part, by a lottery.
  • The Bible mentions casting ‘lots’ at least 23 times. The Bible is replete with references to drawing lots. Lot casting was a favored means of communication between man and god.

At half a billion dollars, the Mega Millions game has become the world's largest lottery jackpot. Read more facts about it.

Interesting facts about mega millions:

  • There is no national lottery in the United States. This is because each state has its own gaming laws, and creating one lottery which complies with all of these various laws is an impossible task. Instead, most individual states have their own lotteries.
  • Since it replaced The Big Game in May 2002, Mega Millions' advertised jackpots have started at $12 million, paid in 26 yearly installments (unless the cash option is chosen), increasing when there is no jackpot winner.
  • The jackpot is advertised as nominal valueof annual installments. A cash value option, when chosen by a jackpot winner, pays the approximate present value of the installments.
  • Mega Millions currently uses a 5/56 (white balls) + 1/46 (the Mega Ball) double matrix to select its winning numbers.
  • Eachgame costs $1; in 43 of the 44 Mega Millions jurisdictions (California is the exception), there is an option, calledMegaplier (such games are $2 each) where non-jackpot prizes a multiplied by 2, 3, or 4.
  • The Megaplier was made available to all Mega Millions jurisdictions in January 2011; it began as a Texas-only option. Mega Millions is drawn at 10:59pm Eastern time Tuesdays and Fridays, including holidays. The drawings usually are held in Atlanta, Georgia.
  • The largest advertised jackpot in Mega Millions, and in American and world lottery history, is $540 million annuitized, or $389 million in immediate payout, for the March 30, 2012 drawing.
  • The largest Mega Millions jackpot before this one was $390 million won on March 6, 2007 in Georgia and New Jersey.
  • The cash value of this jackpot is $359.4 million, which is also a world record.
  • Annuity is paid over 26 years and breaks down to $19,230,769 per year, $1,602,564 per month, $369,822 per week and $52,587 per day.
  • The Megaplier multiplier number is chosen at random by computerized drawing in Texas at around the same time the Mega Millions numbers are drawn in Georgia. 
  • The jackpot has rolled 18 times.
  • 44 lottery jurisdictions sell Mega Millions tickets (that is 42 states plush Washington D.C. and the U.S. Virgin Islands).
  • Despite the plethora of systems and strategies which claim to be able to help you win lottery prizes more often, lotteries themselves can’t be influenced. The outcome of all genuine lottery games depends entirely on the laws of chance. 
  • Your odds of winning are one in 176 million.
  • State Lotteries Have Two Important Attributes. One of these is a significant marketing and advertising campaign and the other is that the lottery is a monopoly run by state government and not by a private firm.
  • The dollar you spend on your Mega Millions ticket benefits the state where it was purchased:

        - On average, 35% of all Mega Millions ticket sales support government services in the member state.

        - Approximately 50% of every dollar wagered goes back to the players in prizes.

        - Approximately 15% goes to retailer commissions and lottery operating cost

According to the 'meagmillions' official site 'The Mega Millions jackpot has reached historic proportions. With no jackpot winner in Tuesday’s drawing, the jackpot for March 30, 2012 is an estimated $540 million. This is the largest lottery jackpot in world history, surpassing the previous record of $390 million.'

Although state lotteries, on average, return just 53 cents for every dollar spent on a ticket, people continue to pour money into them — especially low-income people, who spend a larger percentage of their incomes on lottery tickets than do the wealthier segments of society.

Friendly Suggestion: "Rather than build your financial goals the hard way, saving each week, it seems there are just to many people out there that want to get ‘lucky’ and don’t care that they could easily begin placing lottery funds into investment vehicles and get on the proper road to freedom."

As wannabe millionaires across the country try their luck at the Mega Millions lottery, hoping to hit the record-breaking $540 million jackpot, experts are warning them to beware of the perils of a sudden win.

While some lottery winners live the good life, others go broke because they're not used to the wealth, they're swindled or they're hassled for a part of the money.

Read the full CNN report: Experts warn potential lottery winners of big money risks

Useful links and interesting studies:

* Interesting facts about the lottery winners

The Psychology Of Lotteries

* Why play a losing game? Study uncovers why low-income people buy lottery tickets

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Comments (4)

We don't gamble much and don't play the lottery much but you can't win if you don't play.  We did buy tickets for tonight's drawing.

Well presented article of lottery facts.

I hope I could win one...lol.

Ranked #4 in Popular Culture

I always think that lottery if it is a stupid thing to do is a little less stupid than voting a politician that will make your life more miserable after winning the polls with a typical provocative and inspiring speech.

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