Here's Why There Are So Many Billion-Dollar Lottery Jackpots

By Khristopher J. Brooks, CBS Dallas/Fort Worth

January 7, 2023

One lucky person could win a fortune on Friday in the Mega Millions lottery, which has ballooned to a massive $940 million.

Hitting the jackpot would give someone a series of annuity payments for $940 million across 30 years or the winner could opt for a one-time cash option of $483.5 million. The winner will take home the sixth-largest lottery prize in U.S. history.

Friday's drawing is one of a growing number of massive jackpots in recent years. A Powerball player in California won a $2 billion jackpot in November, while two anonymous Mega Millions players in suburban Chicago won a $1.3 billion prize last fall. All told, there have been about six jackpots that have exceeded $1 billion during the past five years, College of the Holy Cross economics professor Victor Matheson told CBS News.

CBS Local Digital Media personalizes the global reach of CBS-owned and operated television and radio stations with a local perspective.