Another jackpot exceeds $1 billion. Is this the new normal?

Remember this moment because it probably won’t last: a US lottery jackpot is it is expected to exceed $1 billionand that’s still a big problem.

Friday’s Mega Millions drawing is worth an estimated $1.15 billion, making headlines and likely drawing more people to convenience stores with dreams of private spacewalks above the earth.

It does not seem to matter that of the nation first 10 jackpots — not including this one — have already boasted 10-figure payouts. For many of us, something stirs inside when a number ticks a dollar over $999,999,999.

“The lingering question is, what happens when a billion dollars becomes routine and people don’t care anymore?” said Jonathan D. Cohen, author of the 2022 book “For a Dollar and a Dream: State Lotteries in Modern America.”

“There is no easy round number after a billion,” Cohen said. “But also, how much money can a person possibly, possibly, possibly need?”

Meanwhile, Mega Millions ticket prices will increase from $2 to $5 in April. The increase will be one of many changes officials say will result improved jackpot oddsmore frequent huge prizes and even bigger payouts.

Here’s a brief history of lotteries and why jackpots are growing:

Lotteries date back at least to ancient Rome

Cohen notes in his book that lotteries have existed in one form or another for more than 4,000 years.

In Rome, emperors and nobles held drawings at dinner and awarded prizes ranging from terracotta vases to people who were slaves. As early as the 1400s, lotteries were used in Europe to fund city defenses and other public works.

Raffles were common in the American colonies, helping to pay for the revolution against Great Britain. Cohen noted in his book that Thomas Jefferson approved of lotteries, writing that they were a tax “laid only upon the willing.”

Lotteries began to fall out of favor in the US in the 1800s due to concerns about fraud, mismanagement and the impact on poor people. But starting in the 1960s, states began legalizing them to help address financial shortfalls without raising taxes.

“Lotteries were seen as budget miracles, states’ chance to make revenue seemingly out of thin air,” Cohen wrote.

Mega Millions’ first jackpot started at $5 million

When Mega Millions started in 1996, it was called “The Big Game” and involved only six states. It was meant to compete with Powerball, which then had 20 states and the District of Columbia.

The initial payout for The Big Game started at $5 million. The value would be nearly twice what it is today, adjusted for inflation.

In 2024 dollars, the pre-tax prize could buy a rare copy of the US Constitution or coverage of Michael Soroka 9 million dollars contract to play next season for the Washington Nationals

Instead, the pre-tax winnings from Friday’s Mega Millions prize could theoretically buy a Major League Baseball team. Nationals would be too expensive. But Forbes recently valued the Miami Marlins at $1 billion.

A better comparison might be Taylor Swift’s tour earnings at the end of 2023. Her Eras tour became the first to win more than 1 billion dollars after selling over 4 million tickets.

Swift, however, was expected to bring in a total of more than 2 billion dollars when her tour finally ended on Dec. 8, according to Pollstar.

Why jackpots are getting bigger

These days, Mega Millions and its lottery compatriot Powerball are sold in 45 statesas well as Washington, DC and the US Virgin Islands. Powerball is also sold in Puerto Rico.

In October, said Mega Millions hope that increased ticket revenue and less stratospheric odds will lead to more people winning, even as the prizes grow extraordinarily high.

Big payout games tend to be more popular despite the lower odds. Bigger jackpots also attract more media attention, increase ticket sales and bring in new players, Cohen said.

Lottery officials allowed the odds to drop, with more numbers to choose from, Cohen said. And that made the games harder to win, leading to payouts shifting into even bigger prizes.

The first billion-dollar jackpot was in 2016. Cohen said he expects the upward trajectory to continue.

Meanwhile, he cautioned against tropes of the troubled or bankrupt lottery winner.

A well-known example is Andrew “Jack” Whittaker Jr. He won a record Powerball jackpot after buying a single ticket in 2002, but quickly fell victim to scandals, lawsuits and personal failures as he endured constant demands for money, leaving him unable to trust others.

Most winners don’t turn out like him, Cohen said.

“Even if we deny it, we all believe in meritocracy — this belief that if you’ve earned your money through luck, then you probably didn’t deserve it,” Cohen said. And yet, various studies have shown that “lottery winners are happier, healthier and wealthier than the rest of us.”