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American Lottery Fever Reaches Unprecedented Levels

Mar 30, 2012

Mega Millions
Mega Millions

Someone may soon win half a billion dollars. Too bad the greedy government will eat half.

Lotteries, just like progressive jackpots at casinos, tend to accumulate if there are no winners. Yet, the world has seen only a handful of such accumulations which are presently up for grabs. As casino gambling news report, the current Mega Millions jackpot is approaching $500 million, driving Americans nuts. The amount may as well exceed the half a billion mark before the drawing takes effect.

In the United States, the won amount is paid over 20 years. If the winner decides to take a lump sum payout, the cash option will pay around $350 from which further taxes (close to 50%) will be taken out, leaving the winner with $200 million, or 40% of the pot. Most countries don’t have such ridiculous policies, but America does. (On the other hand, some countries either don’t tax lottery winnings or apply a small percentage, such as 10%. After all, the government already profits from these.)

What would be quite interesting to see is what will the new amount be if no one wins. $700, 800 million? Perhaps, with no winners over the next two consecutive draws, the pot will exceed $1 billion. It is worth noting that selecting the first 5 correct numbers will also bring a substantial payout, which can reach few hundred thousands (less government’s share).

Huge jackpots aren’t exclusive to state lotteries. Although not as big as the Mega Millions, online casino jackpots exceeding $5 million can often be found. In addition to winning opportunities, most online gambling outfits offer casino online bonus and frequent promotions to the players. Some places even reward the biggest losers, which never happens with the lotteries. After all, do you get a bonus for correctly selecting zero numbers on a ticket?

Those analytical players who don’t believe that they will win a lottery, given 1-in-20 million (or even lower) chance, seek to pursue the games of skill such as sports betting or online blackjack to increase their odds. The best players can make fortunes at frequent online tournaments, which attract many.


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