Huge Mega Millions and Powerball jackpots will make some people very rich, very quickly. Those who buy the winning tickets, that is.
As of this writing, the Powerball estimated jackpot is $470 million and Mega Millions has an estimated jackpot of $970 million. Both jackpots are expected to grow even higher, as hype attracts more players to the game.
The trouble is that the chances of winning either jackpot are extremely low and remain steady in every drawing. And that’s the case no matter how high the jackpot is.
Still, there are a couple of tips for playing the game right. One of them is to join a pool. That’s the only way players can multiply the chances of winning a piece of the game.
But it will cut down the size of the reward, of course. The jackpot it will have to be shared with the other pool participants.
Still — a small slice of a big pie is worth placing the bet.
Here’s how pooling works: Players can spend $10 on their own, and play 5 games ($2 per game). But if they spend $10 in a pool where 100 people contribute $10 each, they play 500 games. This means that the chances of winning are 100 times higher.
Still, players shouldn’t lose focus on the plain truth: the odds of winning the Powerball or Mega Millions by joining a pool are higher, but they remain extremely low. Meanwhile, the winnings will be shaved off by federal and state taxes, which may eliminate the bargain, and then some.
That’s why players temper their enthusiasm for joining this kind of pool.
Another tip to lotto players is not to let themselves be carried away from the huge jackpots. They shouldn’t “bet the house” , emptying their bank account to buy lottery tickets or using money they need for everyday expenses.
In this scenario, lottery tickets may end up being tickets to poverty rather than to riches.
Meanwhile, players could save some anxiety by trying to pick their own numbers and stick with them every time – because that doesn’t work. For an obvious reason. Powerball and Mega Millions are based on random drawings. This means that all numbers have an equal chance to be the winning numbers no matter how they are picked.
That’s why players should save the energy wasted on searching for birthdays, anniversaries, or other lucky numbers.