Posted: Wednesday, May 22,2019 | Time: 02:09 pm | Edited by: The Lottery Lab Staff
Not all lotteries are created equally. There are lotteries with multi-million-dollar jackpots and lotteries with comparatively modest prizes. There are rolling jackpots that grow for months and there are jackpots with fixed prize money. Even the odds for the games are not equal. Therefore, let’s look into the various factors to consider before buying a lottery ticket. What exactly are jackpot odds and lottery odds, and how can you decide which lottery gives you the best chance of winning prizes?
With every lottery ticket, you get a chance of winning the jackpot. But the chance of winning is not the same in every lottery game. Buying three tickets gives you three chances of winning; however, the overall odds of winning the jackpot, or any other prize in the lottery draw, depending on how many numbers are to be chosen on a ticket and the range of the numbers available in the drawing. If a bonus ball is also drawn in Powerball, it is even harder to win prizes.
For instance, your odds of winning the jackpot in the Australia Wednesday Lotto, where you choose 6 numbers from a 1-45 number pool (1 in 8,145,060 odds) are better than if you were playing Swiss Lotto. Swiss Lotto has a smaller number pool (1-42) but also features an additional number (1-6) and as a result, your chances of winning the Swiss Lotto jackpot are 1 in 31,474,716.
In contrast, when you play the US Powerball you choose 5 numbers from a number pool of 1-69 and an additional Powerball from a guess range of 1-16, giving you a 1 in 292,201,338 odds of winning the jackpot. When you play Mega Millions, you choose 5 numbers from a number pool of 1-70 and an additional Mega Number from a guess range of 1-25. This gives you a 1 in 302,575,350 chance of winning the Mega Millions jackpot.
The odds of winning Powerball and Mega Millions are not high and as a result, their jackpots roll over repeatedly until they reach world-record amounts. However, in the end, one or more players manage to beat the odds and match all the numbers to win incredibly large jackpots. Eventually, every Powerball and Mega Millions jackpot is won!
The bigger the number pool, and the more numbers you must match, the more difficult it is to hit the jackpot.
Bonus numbers, which you do not select when you purchase your ticket, do not affect the odds of winning the jackpot but rather give you more chances of winning a lottery’s secondary prizes.
When choosing a lottery, you should take into consideration the lottery odds as well as the jackpot odds. Knowing the difference between these two types of odds can help you select which lottery to play.
The main factor that attracts the most players is the size of a jackpot. The bigger the jackpot, the higher the lottery fever. The US lotteries Powerball and Mega Millions have skyrocketed as high as $1.5 billion. Odds are typically in millions and people tend to not understand the concept when it comes to such big numbers. However, a chance to win multi-million dollars for a $2 ticket is incredible in itself, even if its 1 in 292 million or 302 million. Still, it’s important to understand the concept of jackpot odds and to know what they are in the various games.