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NY Post
New York Post
8 Aug 2023


NextImg:Mega Millions jackpot soars to $1.55B, largest in its history

That’s a whole lotta smackeroos!

The Mega Millions jackpot on Tuesday soared to a record high of $1.55 billion, making it the largest in the game’s history.

The ten-figure sum, which would also be the third-largest in overall US history, comes after there had not been a Mega Millions jackpot winner for nearly four months.

But while Americans rushed to buy tickets ahead of the Tuesday night drawing, experts issued some advice to gamblers hoping to beat the 1 in 302.6 million odds.

Lottery tickets are “definitely not good investments,” said Matthew Kovach, an assistant professor in Virginia Tech’s economics department.

“They’re not even investments … there’s an expectation you will always lose money.”

Mega Million players were much more likely to be hit by a meteorite, or to befallen by tragedy on their way to buy the $2 ticket than to actually hit the jackpot, he explained.

“Imagine you have to drive half a mile to buy your lottery ticket, so you have a 1 mile round-trip. It’s about 4 times as likely that you die in a car accident on the trip to buy your ticket than you are to win,” Kovach said.

No one has won a big Mega Millions jackpot since a retired handyman in Ozone Park, Queens landed a $476 million haul on April 14.

More than 36 million people had won lower prizes since then, ranging from a few dollars to $5 million, officials said.

Still, playing the numbers was not a good strategy for long-term financial health, Kovach reiterated.

“In reality, it’s probably best to diversify by something like an index fund — but if you’re just starting out, I would… (suggest putting it) in the stock market or something like that,” he said. “You will actually probably see a return over time.”

With Post wires