$1.05 billion Mega Million jackpot is among a surge in huge payouts due to more than just luck

By SCOTT McFETRIDGE
Associated Press

DES MOINES, Iowa (AP) — If it seems like lottery jackpots topping $1 billion are more common nowadays, it’s because they are. The latest is a $1.05 billion Mega Millions prize up for grabs Tuesday night. Since 2021, five prizes have topped $1 billion, not counting the latest game. The increased frequency is due to higher interest rates and worsened odds for winning a jackpot. The advertised lottery jackpot is for winners choosing payment through an annuity over 30 years. Higher interest rates mean a lump sum will grow larger when paid through an annuity over decades. And years ago, the odds were changed to make jackpots more rare, allowing prizes to roll over and become larger.