This weekend’s Powerball and Mega Millions jackpots are over $400 million—a Harvard statistics professor talks lottery odds

 Mega Millions and Powerball jackpots will be worth over $400 million this weekend. Harvard statistics professor discusses the lottery odds

Lucky lottery players may be able to win this weekend's Mega Millions or Powerball jackpots, which have reached over $400 million.

Friday's Mega Millions draw has a top prize pool of $405,000,000, with a lumpsum option of nearly $295 Million. Saturday's Powerball jackpot will be $457 Million, with a lumpsum option of more that $331 Million.

Someone must be able to overcome incredible odds in order to win any of those prizes. According to the lottery, Mega Millions is one in 302.5 Million. Powerball is one in 292.2 Million.

Lotto players often use strategies that increase their chances to win. This includes playing every week, using lucky numbers like birthdays, and playing the same numbers everytime in the hope they'll eventually get selected. Quick Pick is where the lottery machines automatically pick a certain group of numbers.

There is a huge difference between what people think will happen and what actually happens mathematically.

According to Harvard statistics professor Dr. Mark Glickman (CNBC Make It), there is one proven way to increase your chances of winning the lottery. This is buying more tickets for each round.

The odds of winning any lottery draw remain the same regardless of how many numbers you select or how many tickets you purchase. You can win any lottery drawing, scratch-off or daily, regardless of whether you play it every day or not.

You have the same chances of winning next year's drawing even if your previous win was in the lottery. You can ask multiple winners, such as Peggy Dodson in 2019, who won a $1,000,000 jackpot with a Maxa-Million scratch-off lottery tickets purchased from the same Pennsylvania convenience shop where she also bought a scratch-off ticket that was a $100,000 winner two years ago.

Glickman explained that "if someone wins the lottery already, then the probability of the person winning the lottery again will be exactly the opposite to the probability they won the lottery previously." "In other words: Having won the lottery previously does not increase or decrease the likelihood of winning it again.

It doesn't matter if you buy lottery tickets daily or weekly, it does not affect your chances of winning. All lotteries offer independent odds.

Even buying extra tickets for a specific drawing won't help your chances, especially when they are 300 million to one (as with Mega Millions and Powerball jackpots). You have a 5 in 302 million chance to win the current Mega Millions jackpot of $405 million. However, you are still more likely to be struck lightning than if you buy five tickets.

According to Dr. Lew Lew Leaveon, a Georgia Tech faculty member, "The investment you make playing multiple games also increases" and "the payouts in a genuine lottery may vary." Lefton stated that it might not be worth investing in more tickets than you need.

Lefton stated, "Don’t expect to win the lottery by playing the lottery." Although it's not fun to win the lottery, it can be a lot of fun. It's a different approach. You shouldn't gamble more than you can afford.

Financial experts recommend that you choose the lump sum option if you win the lottery. This will allow you to invest your winnings in long term stocks and avoid taking annuity payments for multi-year periods. You will be subject to a substantial tax hit if you win the lottery. Any winnings exceeding $5,000 are subject to the minimum federal tax of 24%. This tax is withheld by IRS before any money reaches the winner's bank account. State taxes vary by state. Increase Your Odds of Winning by Diversifying With Multiple Sportsbooks