Mega Millions Jackpot Reaches $640 Million!
Lotto mania continues to sweep the nation as the Mega Millions jackpot has now increased to a whopping $640 million.
"As of noon today, Pennsylvania Lottery Mega Millions tickets were selling at about $500 per second, or $30,000 per minute. We encourage players to have fun with this jackpot fever, but always remember to play responsibly," Pennsylvania Lottery Executive Director, Todd Rucci said.
The historic jackpot will be drawn on Friday night at 11 p.m. when at least one lucky winner could take home a $462 million lump sum, which comes to $347 million after federal tax withholding.
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"I've never seen a jackpot like this before. If I won - I mean wow! I just don't know what I'd do. I'd really have to think what I could do with it," Indianapolis, college student Chris Stewart told CBS News.
A jackpot winner also has the choice to opt for the annuity payment option whereby receiving approximately $67,439.41 per day over 26 years, before federal taxes are withheld.
Although the odds of winning the $640 million jackpot are 1 in 176 million, many Americans are still flocking to lotto retailers in droves with some buying multiple tickets to increase their chances.
"We've been jammed since Tuesday. We're selling over 2,000 tickets a day- 400 to 500 is normal. People who've never played before are coming in for tickets. People are picking up $50 worth of tickets for office pools. The Frito-Lay delivery guy bought $50 worth," Lorraine Malkmus, manager of the Maverick Country store in Meridian, ID told USA Today.
While some critics argue that buying multiple lottery tickets does not necessarily increase your chances, mathematics wiz, Mike Catalano, believes otherwise.
According to Catalano, who is chairman of the mathematics department at Dakota Wesleyan University in Mitchell, S.D., the more tickets you have, the higher your chances are of winning.
"You are about 50 times as likely to get struck by lightning as to win the lottery, based on the 90 people a year getting struck by lightning. Of course, if you buy 50 tickets, you've equalized your chances of winning the jackpot with getting struck by lightning," Catalano told CBS.
The $640 million Mega Millions jackpot is the world's largest in history, and will likely exceed $640 million before drawing time.
