The Mega Millions jackpot reached a record high on Tuesday, reaching $1.55 billion, making it the biggest jackpot in the history of the game.
The ten-figure sum comes after there had not been a Mega Millions jackpot winner for nearly four months. It would also rank third in all of US history.
However, although Americans scurried to purchase tickets before the drawing on Tuesday night, experts offered some suggestions to those trying to overcome the 1 in 302.6 million odds. Lottery tickets “definitely are not good investments,” according to Matthew Kovach, an assistant professor in the economics department at Virginia Tech.
“There is an expectation that you will always lose money. They aren’t even investments.”
He said that instead of winning the jackpot, Mega Millions players were considerably more likely to be struck by a meteorite or experience tragedy when purchasing the $2 ticket.
Retired New York City handyman wins record $476 million jackpot in Mega Millions: “Consider that your round-trip distance to buy your lottery ticket is a half-mile.
On the trip to buy your ticket, you have a roughly 4-times greater chance of dying in a vehicle accident than of winning, Kovach added. Since a retired handyman in Ozone Park, Queens, took home a $476 million windfall on April 14, no one has ever won a significant Mega Millions jackpot.
Since then, more than 36 million people have won smaller rewards totaling anywhere from a few dollars to $5 million, according to officials. Kovach emphasized that playing the numbers was still a bad idea for long-term financial stability.
If you’re just starting out, I would… Consider placing it in the stock market or something similar. In actuality, it’s definitely best to diversify through something like an index fund, he said. Over time, “you will probably see a return.”