Why are lottery jackpots getting bigger? We look at Powerball & Mega Millions growth

Despite nan astronomical likelihood of winning, which are little than nan chances of being struck by lightning aliases encountering a grizzly carnivore successful Yellowstone National Park, millions proceed to effort their luck.

This increasing inclination of gigantic jackpots is nary accident, but nan consequence of deliberate changes successful nan lottery system, on pinch economical factors for illustration rising liking rates.

2023 has seen nan jackpot transverse nan $750 cardinal people 3 times, a clear parameter of nan changing scenery of lottery jackpots.

This is mostly owed to important norm changes for awesome lotteries specified arsenic Powerball and Mega Millions.

Another pivotal infinitesimal came successful 2009 erstwhile a determination was made to let states to waste tickets for some lotteries.

It was a move aimed astatine attracting much players and, consequently, expanding jackpot sizes.

In 2017, Mega Millions followed Powerball's lead by raising summons prices and expanding nan scope of number combinations, making it harder to triumph nan jackpot but ensuring that erstwhile jackpots rotation over, they turn moreover larger.

The size of these jackpots is besides influenced by nan existent economical conditions, particularly liking rates.

Winners look a prime betwixt taking a lump sum aliases opting for an annuity paid complete 30 years, pinch nan second being invested successful U.S. Treasury bonds.

As liking rates rise, truthful does nan payout, further inflating nan jackpot amounts.

So nan changes made by lottery organizers, on pinch higher liking rates, person led to immense jackpots. This has made winning much attractive, bringing successful much players and raising nan stakes to caller highs.

People are excited not only astir nan chance to triumph but besides to spot really overmuch nan jackpot will grow.