$1.5B Spent on Mega Millions - What That Money Could Buy

Saturday, 31 Mar 2012 10:24 AM

 

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Mega Millions lottery officials estimate that Americans spent $1.5 billion this week for the chance to win the record-setting $640 million jackpot.

So what exactly would happen if the country spent that $1.5 billion on something other than a distant dream?

For starters, it could cure everyday worries for hundreds of thousands of American families hit by the Great Recession. It costs an average of $6,129 to feed the typical family for a year — meaning the cash spent on tickets could fill up the plates of 238,000 households.

As gas prices climb faster than stations can change the numbers on the signs, the money spent on tickets could fill the tanks of 685,000 households annually.

Or it could play politics. So far in this campaign, Republicans and President Barack Obama have spent $348.5 million. The amount spent on Mega Millions tickets could cover that tab four times over.

Could the money dig governments out of debt? That's a problem that even staggering ticket sales can't solve. It could trim this year's expected $1.3 trillion federal deficit by just over a tenth of 1 percent. In Illinois, the money would disappear just as fast into that state's $8 billion deficit.

On a personal level, that much money staggers. Giving $1.46 billion to a broker could purchase 2.4 million shares of Apple stock. (It would also be enough to buy about 2.4 million iPads at the starting price of $499. That's almost as many as the 3 million new iPads that Apple has already sold.)

Or consider the whimsical: A family of up to 12 could live for more than a century at Musha Cay, magician David Copperfield's $37,000-a-night private island resort in the Exuma Cays of the Caribbean.

For a more celestial vacation, the $1.5 billion wagered could purchase 7,600 tourist tickets for a ride into space aboard Virgin Galactic's Space Ship Two. And it would pay for 26 rides for U.S. astronauts to the International Space Station aboard the Russian Soyuz spacecraft.

It would even buy a stake in pop culture. Want to influence the next winner of American Idol? If it costs a quarter to text in a vote to Ryan Seacrest, and it takes 122 million votes to win as it did last season, the money could control the outcome of the next 47 seasons.

For the states that participate, the money spent on lotto tickets is hardly a waste. It doesn't all end up as the winner's personal fortune — much of it is used by states to fund education and other social service programs, which is why advocates promote the lottery.

Though the specifics vary among the 42 participating states and the District of Columbia, only about half of ticket sales go into the actual jackpot. Another 35 percent goes to support government services and programs, while the rest funds lottery operating costs.

On Friday, the lottery estimated that total ticket sales for this jackpot, which has been building up since Jan. 28, will be about $1.46 billion, said Kelly Cripe, a spokeswoman for the Texas Lottery Commission.

You're about 20,000 times more likely to die in a car crash than win the lottery, but that doesn't matter to most people.

"Part of it is hope. ... The average person basically has no chance of making it really big, and buying a lottery ticket is a way of raising the ceiling on what could possibly happen to you, however unlikely it may be," said George Loewenstein, a professor of economics and psychology at Carnegie Mellon University who has studied how rich and poor consumers make a choice to buy lottery tickets.


© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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