July 28, 2022 – After no lucky winner took home the previous prize of $830 million, the Mega Millions lottery jackpot has been increased to $1.025 billion, the third highest prize in the history of the Game.
While monumental, the current jackpot is a far cry from the groundbreaking $1.537 billion won in South Carolina on October 23, 2018, the world’s largest lottery prize ever won on a single ticket, according to Mega Millions.
While it’s sometimes fun to fantasize about what you’d do with all that money, keep this in mind:
The odds of winning this life-changing prize are approximately 1 in 302.5 million, reports Mega Millions. Given these odds, you’re more likely to be hit by a meteorite or struck by lightning, according to National Geographic. That said, the winning numbers will be drawn Friday at 11 p.m.
There is also science involved when depositing your money for a ticket.
When you play, your brain releases a “feel good” hormone called dopamine which contributes to the pleasure many feel when playing. As you gamble, your body will build a tolerance for dopamine, skewing your brain’s reward system and causing you to take bigger risks, according to the Gateway Foundation.
This chemistry is at the root of addiction and problem gambling, for which more than 2 million American adults meet the criteria, according to the National Council on Problem Gambling.
The hidden costs
Although around 85% of Americans have gambled at least once in their lifetime and the global gambling market is expected to grow, a debate has sprung up on whether winning the lottery will totally improve one’s life. .
It’s the whole money-can-buy-happiness thing. A Journal of Personality and Social Psychology A study found that “lottery winners were no happier” than others and “took much less pleasure in a series of mundane events”. Yet other studies have argued that increasing one’s income makes happiness more frequent, but not as intense.