In this article, we will discuss the 10 biggest lottery jackpots of all time. If you want to learn about similar lottery jackpots, you can also take a look at 5 Biggest Lottery Jackpots Of All Time.
The Lottery Industry: An Analysis
The lottery sector is a multi–billion dollar industry. There are many different types of lotteries, the most popular being the Powerball and Mega Millions. Lotteries are played by purchasing a ticket, which gives the player a chance to win a prize. The prize is usually a large sum of money, but can also be a car, a vacation, or other valuable items. Lotteries are regulated by governments, and the rules of each lottery vary from country to country. In the United States, lotteries are run by state governments, and each individual state sets its rules. Lotteries are also popular in Europe, Asia, and other parts of the world. Lotteries are a form of gambling, and like all forms of gambling, there is a risk of losing money. However, the odds of winning the jackpot are usually very low — 1 in several million people — so most people do not expect to win. Lotteries are a fun way to try to win a big prize, and they can also be used to raise money for charity.
There are a variety of different lottery games that players can choose from, each with its own rules and odds of winning. The most popular type of lottery game is the draw game, in which players pick numbers and hope that they match the numbers drawn by the lottery. Other popular games include scratch-off tickets, in which players scratch off a hidden message to reveal whether or not they have won.
Since the early days of lottery games, people have been fascinated by the possibility of winning a large jackpot. According to an industry analysis report, as of 2021, the lottery industry is worth $300 billion and is expected to hit a valuation of $430 billion by 2031, growing at a compound annual growth rate of 3.8% over the forecasted period. Region-wise, North America dominated the total market share of the global lottery industry in 2021. However, over the forecasted period the Asia Pacific region is expected to grow at the fastest rate due to economic growth in the region and increased disposable income for consumers to spend on lottery products.
Blockchain and the Lottery Industry
A major trend that will reshape the global lottery industry is the adoption of blockchain technology. The global lottery industry is slowly beginning to adopt blockchain technology in order to improve the security and transparency of its operations. By using a decentralized database, lottery operators can ensure that all tickets are properly accounted for and that payouts are made in a timely and efficient manner. Additionally, blockchain-based lottery systems can help to prevent fraud and tampering, as all data is immutable and can be easily verified. As the lottery industry continues to grow and evolve, it is likely that blockchain will play an increasingly important role in ensuring its success. Some of the major players in the gambling and lottery industry include Lottery.com Inc. (NASDAQ:LTRY), La Française des Jeux Société anonyme (OTC:LFDJF), International Game Technology PLC (NYSE:IGT), and DraftKings Inc. (NASDAQ:DKNG).
Photo by Amit Lahav on Unsplash
The Powerball Jackpot Jumps To $1 Billion, Second Largest In History
On October 29 the Powerball jackpot increased to $825 million after nobody matched the five winning numbers. Though nobody hit the jackpot on Saturday’s drawing, there were a total of 104 winning tickets that won roughly $38 million collectively across the country. The next drawing of the Powerball is scheduled on Monday, October 31, and if a winner emerges from the crowd, they will be the fortunate individual to hit a $1 billion jackpot. This is the second-largest jackpot in Powerball’s 30-year history and the fifth-largest jackpot in the history of U.S. lottery games. The last Powerball jackpot was won on August 3, 2022, in Pennsylvania and since then there have been 37 Powerball drawings with no signs of a winner. The next drawing, which is scheduled on October 31, is expected to be a $1 billion jackpot and carries an estimated cash prize of $497.3 million.
This article will look at some of the biggest lottery jackpots of all time.
Our Methodology
To determine the biggest lottery jackpots of all time, we looked at the jackpot history of Powerball and Mega Millions and filtered out the biggest jackpots ever reached. We picked the 10 biggest lottery jackpots to date and ranked them from lowest to highest. We have discussed these jackpots in detail, their winning numbers, winners, and the cash prize among other things.
Biggest Lottery Jackpots Of All Time
10. Mega Millions (March 30, 2012)
Number of Winning Tickets: 3
Cash Value: $474 Million
Jackpot: $656 Million
On March 30, 2012, the Mega Millions lottery jackpot was won by three lucky ticket holders, who split the $656 million jackpot, which had a cash prize of $474 million. This is a record-breaking jackpot in Mega Millions history and in the history of U.S. lottery games. The winning numbers were 2, 4, 23, 38, and 46, the Mega Ball number 23, and Megaplier 3X. The winning tickets were from Illinois, Kansas, and Maryland. The winning ticket from Illinois belonged to a retired couple in their 60s, Merle and Patricia Butler of Red Bud, Illinois. The winners in Kansas and Maryland chose to remain anonymous.
Some of the top providers of lottery services include Lottery.com Inc. (NASDAQ:LTRY), La Française des Jeux Société anonyme (OTC:LFDJF), International Game Technology PLC (NYSE:IGT), and DraftKings Inc. (NASDAQ:DKNG).
9. Powerball (October 27, 2018)
Number of Winning Tickets: 2
Cash Value: $396.2 Million
Jackpot: $687.8 Million
Up next is the Powerball jackpot won on October 27, 2018, when 2 winning tickets bagged a cash prize of $396.2 million. The lottery jackpot was worth $687.8 million and the winning numbers were 8, 12, 13, 19, and 27, Powerball number 4, and a Power Play multiplier of 3x. The lucky ticket holders belonged to Iowa and New York. Lerynne West of Dexter, Iowa, was one of the lucky winners and had reportedly lost her lottery ticket. According to Lottery officials, there were fifteen tickets that matched all five white balls of the Powerball jackpot of October 27, 2018, however, they all missed the Powerball number. A total of 3.5 million tickets won various prizes. The Powerball jackpot won on October 27, 2018, is the ninth-biggest lottery jackpot won in the history of U.S. lottery games.
8. Powerball (October 4, 2021)
Number of Winning Tickets: 1
Cash Value: $496 Million
Jackpot: $699.8 Million
On October 4, 2021, a lucky winner in the state of California matched all five numbers, which were 12, 22, 54, 66, and 69, as well as the Powerball number 15, and hit the jackpot that was worth $699.8 million. This jackpot was the fifth-largest in Powerball history at the time and the seventh-largest jackpot in the history of U.S. lottery games. The total cash value of this jackpot was estimated at $496 million. According to California’s lottery officials, the winning ticket was sold at an Albertsons store in Morro Bay. A total of 5 tickets matched all five numbers of the jackpot, but missed the Powerball number, and won a $1 million prize. During the drawing on October 4, 2021, over 2.2 million tickets won various prizes ranging from $4 to $2 million.
7. Powerball (January 20, 2021)
Number of Winning Tickets: 1
Cash Value: $546.8 Million
Jackpot: $731.1 Million
On January 20, 2021, a ticket that was sold in Maryland won the jackpot which was valued at $731.1 million, and bagged a cash prize of $546.8 million. The winning numbers for the jackpot were 40, 53, 60, 68, 69, Powerball 22, and Power Play multiplier 3X. During the drawing, over 4.4 million tickets won prizes ranging from $4 to $2 million and there were 12 tickets that matched all five numbers but missed the Powerball number and won a $1 million prize. This jackpot started on September 19, 2020, and was one of the longest jackpots run in the history of U.S. Powerball games. It was hit at the 36th drawing since the starting date. The Powerball jackpot of January 20, 2021, is ranked high among the biggest lottery jackpots of all time.
6. Powerball (August 23, 2017)
Number of Winning Tickets: 1
Cash Value: $480.5 Million
Jackpot: $758.7 Million
The sixth-biggest jackpot of all time is the Powerball jackpot of August 23, 2017, when a woman in Chicopee, Massachusetts hit the jackpot worth $758.7 million. The winning numbers were 6, 7, 16, 23, 26, and Powerball 4. Mavis Wanczyk was the winner of the jackpot and quit her job in patient care at Mercy Medical Center in Springfield after 32 years of service, as soon as she won the lottery. The winner was entitled to a cash prize of $480.5 million. Apart from the jackpot winner, over 9.4 million tickets had won in the drawing on August 23, 2017, and won prizes ranging from $4 to $2 million. Secondary prizes from the jackpot were valued at $135 million.
As the lottery industry grows and captures further market share of the gambling industry, some of the top beneficiaries would be Lottery.com Inc. (NASDAQ:LTRY), La Française des Jeux Société anonyme (OTC:LFDJF), International Game Technology PLC (NYSE:IGT), and DraftKings Inc. (NASDAQ:DKNG).
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Disclosure: None. 10 Biggest Lottery Jackpots Of All Time is originally published on Insider Monkey.