When national lottery jackpots reach a half-billion dollar level, just about everyone notices. Friday’s drawing in the MegaMillions lottery will be worth about $502 million to a lucky winner (or winners). Or no one could win and the prize would increase for the next drawing.
The odds of holding a winning ticket are roughly one in 259 million. For a jackpot of this size, around 300 million $2 tickets are likely to be sold, so there’s a (very slightly) better than even chance that someone will win. With that in mind, here are some traps to avoid if you are the holder of the winning ticket.
According to data from LendEDU.com, in 2016 total U.S. lottery revenues came in at $72.65 billion dollars. All but six states (Alabama, Alaska, Hawaii, Mississippi, Nevada and Utah) share in the take. Large population states take most of the revenue, but spending per capita breaks down differently.
The 10 states realizing the most revenue from lottery ticket sales in 2016 are listed here, along with their population rank.
- New York: $8.34 billion; population rank, fourth
- California: $6.28 billion; population rank, first
- Florida: $5.73 billion; population rank, third
- Massachusetts: $5.23 billion; population rank, 15th
- Texas: $4.79 billion; population rank, second
- Georgia: $4.03 billion; population rank, eighth
- Pennsylvania: $3.87 billion; population rank, fifth
- New Jersey: $3.10 billion; population rank, 11th
- Ohio: $2.87 billion; population rank, seventh
- Illinois: $2.86 billion; population rank, sixth
On a per capita spending basis, residents of Massachusetts far outspend any other state. The state’s residents spend an annual average of $762.98 on lottery tickets. West Virginians spend the next highest total, $598.47 per person annually. Other less-populated states where residents spend more than the U.S. average of $223.04 are Rhode Island, Delaware, South Carolina, Oregon and Tennessee.
24/7 Wall St.Essential Tips for Investing: Sponsored
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
