Mega Millions jackpot hits $1.6 billion, thanks to worsening odds

Signs display the jackpots for Tuesday's Mega Millions and Wednesday's Powerball lottery drawings in New York City U.S

Medenica said every so often, a massive jackpot like this will seize the cultural imagination and prompt a run on tickets.

"Oh yes, one ticket", said Kennedy. "I believe if I win I will go ahead and hire somebody to fix it".

A record-setting $1.6 billion prize in the Mega Millions lottery has Americans dreaming of buying homes, cars, helping financially strapped friends and family and early retirement, but experts caution that with their newfound riches will come many headaches.

"I mean, that is a lot of money for one person, he said".

If you take the yearly installments it reduces your tax bill a little and offers a steady flow of income which grows each year. "The other half says it'll probably kill me". "I'd probably fall over dead". But he said the thought of winning the US$1.6b scares him. "I'll give him a million".

"So you want to secure it and also be calm". "So I would give it to my dad and let him ration it out to me, like buy me my dream vehicle, put me in a nice apartment, stuff like that".

Putting things in writing isn't fun, but it's the safer bet.

Carry a couple twos on the back of a napkin, and that tells you that on Sunday, tickets accrued about 86 times more money on a per-minute basis. The next Powerball drawing is Wednesday, Oct. 24, and it's worth $620 million with a $354.3 million cash value.

The lottery fever sweeping the United States has some billionaire hopefuls feeling anxious: Can a record jackpot in your pocket be too much of a good thing?

Here's everything you need to know about the October 23 Mega Millions winners.

But there are some quirks and surprises about the math equations that likely will soon vault someone into stratospheric wealth after the jackpots grew for months without a victor.

Mega Millions jackpots keep growing bigger and bigger when no one wins the grand prize. For the others, the state takes a bite, especially in NY, where a victor would need to pay a state tax of 8.8 percent.

Although the change means more revenue, it also makes it more hard to predict exactly how much of every dollar in sales will go toward education, Finks said, although that total is generally about 25 to 30 percent of ticket sales.

Related:

Comments

Latest news

Trump Wants to Define Transgender Out of Existence — NY Times
But in recent discussions with the administration, civil rights groups, including Lambda Legal, have pointed to other court cases. Omar Gonzalez-Pagan, a lawyer with Lambda Legal, said the proposed rule change appears to still be undergoing White House review.

Donald Trump to meet Vladimir Putin amid tensions over nuclear deal
But speaking at a news conference after his talks with Putin, Bolton gave no indication of any change of course on the INF treaty. Once unshackled from the INF treaty, the United States will undoubtedly bolster its capabilities in its face-off with China.

Meghan Markle Bends Royal Wardrobe Rules With Daring Summer Dress
The couple arrived from Australia, where Meghan, who is four months pregnant, had her schedule reduced in recent days. On Monday, Harry made the trek into an ancient forest for a royal engagement, reports CBS News' Jonathan Vigliotti.

USA warships sail in disputed waters
The ships sailed from south to north along the waterway separating mainland China from Taiwan, according to a CNN report. The Pentagon says Washington has sold Taiwan more than 15 billion dollars in weaponry since 2010.

Other news