- Many people dream about what they’d do if they won the lottery, but few who play ever win big.
- The odds of winning a Powerball grand prize are 1 in 292 million. For Mega Millions, it’s 1 in 302.5 million.
- The lucky few who’ve won have found lots of ways to use their winnings, from fancy cars to charity.
It’s common knowledge that the odds of winning big in the lottery are incredibly low.
You’re more likely to be struck by lightning twice in your lifetime, with odds of about 1 in 234 million, than win a lottery jackpot even once. The chances of winning a Powerball grand prize are about 1 in 292 million, and about 1 in 302 million for a Mega Millions grand prize.
Of course, the low odds don’t stop people from playing — after all, who hasn’t thought about what they’d spend their winnings on? Americans spent $107.9 billion on lottery tickets in the 2022 fiscal year, according to the North American Association of State and Provincial Lotteries. The biggest Powerball jackpot to date was a $2.04 billion prize, won in California in November 2022.
The handful of lucky people who have won are spending big bucks — some more cautiously than others. Financial advisors warn winners to never tell anyone they’ve scored big, and urge winners to be mindful about how they spend their money. Winners, they say, are given little to no guidance and could potentially go bankrupt if financially risky decisions are being made.
From multi-million dollar homes to medical bills, here’s how lottery winners are spending their cash prizes.
Read the full article here
