Lottery jackpots increase winnings breaking records

Published: Jan. 23, 2023 at 8:57 PM CST
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BISMARCK, N.D. (KFYR) - Lottery jackpots are getting larger and larger, and there are a couple of reasons why. In 2017, a Mega Millions ticket went from one dollar to two dollars, increasing the winnings. Interest rates because of inflation have also added zeros to the big prizes.

Lotteries have switched their odds of players winning, as players now have a one in three million chance of winning.

The next Mega Millions drawing is Tuesday at 11 p.m. with an estimated jackpot of $31 million dollars. Amy Anton, an employee at Landers’ Shell and Northside Market in Bismarck, has witnessed an increase in people purchasing the tickets.

“More people are buying it also because it’s everywhere. So, it’s you can’t just go one place to buy lottery tickets. You can go to the gas stations or grocery stores or anywhere and get lottery tickets,” said Anton.

Even though the jackpots are high, some people have no interest in gambling but still think about what they would do with the prize money.

“I would save it and make sure I could pay the taxes, maybe buy one thing,” said Joe Larrivee.

The higher winnings are making some think twice about purchasing a ticket.

“Not this year, but I have before. Been thinking about it since those ceiling level limits are coming up, but kind of tempted now,” said Glen Anderson.

For the large winnings, some customers are taking a different approach, pooling together money when buying tickets.

“We have a lot of people that will come in with everyone from their work, they’ve all chipped in together, and they all buy hundreds of dollars altogether to hopefully play all together,” said Anton

Experts say if you do win the lottery not to tell anyone and get a financial professional to help assist with the winnings. The higher interest rates have allowed lottery companies to receive interest income from prizes that are not lump sum payouts.