Mega Millions: Media Reports Confirm That People Like Money
The news comes in light of tonight's Mega Millions drawing. The winner of the record-breaking contest will get a $640 million payout. Tickets cost $1 per play. People have bought these cheap tickets even though they might not win, according to sources.
Many media organizations corroborate these initial reports: "Mega Millions: Odds of winning jackpot don't deter players" (from the L.A. Times); "Mega-long odds for winning record jackpot, now at $640 million" (Fox News);"Mega Millions frenzy: Can you ever beat the lottery's long odds?" (Washington Post); "Mega Millions madness takes over with $540M pot" (Detroit News); "Record $540 million Mega Millions jackpot has people buying tickets, but odds of winning long" (also from the Washington Post); and "Record $640M jackpot sparks Mega Millions mania" (CBS).
Another report from Fox, "Mega Millions fever: Why we go nuts over lotto" tries to explain this behavior.
One expert tells the network that "the unpredictability of it all" is "healthy fun."
MSNBC has more on this phenomenon: "'Usually, the larger the rewards and the lower the cost of buying lotteries, the greater the participation -- however the lower the winning probability,'" an economist tells reporters.
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Follow Victoria Bekiempis @vicbekiempis.