As lottery officials note, players should think of their $2 bet as a chance to dream while accepting the reality they likely won't be entering a new income tax bracket Tuesday night.
Isn't it an obvious question?To start with, your chance of winning the grand prize is minuscule, at one in 302.5 million. You have better odds of a smaller payoff, such as winning $1 million for matching five regular numbers but missing the Mega Ball. But even that is one in 12.6 million.
First, that's the amount for winners who take the annuity option, paid over 30 annual payments. But winners nearly always opt for cash, which for this drawing would pay out an estimated $470.1 million. That also doesn't account for the possibility that someone else will match the winning numbers, meaning they would need to divide even those smaller winnings in half or more, depending on the number of lucky players.To put that in perspective, consider that the median U.S. household income in 2020 was $67,500, meaning a lifetime of work at that rate would be less than 1% of even the smaller jackpot after taxes.
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