CHARLOTTE, N.C. — Lottery jackpots are going up thanks to changing rules and high-interest rates.
For the third time in the past year, we are about to see a jackpot of over $750 million. And it's no coincidence.
For years rules have changed to increase the prize. Back in 2009, a nonprofit that runs lotteries nationwide allowed states to offer both PowerBall and Mega Millions lotteries. The move allowed the lotteries to get more customers and more money.
Playing the lottery is a form of gambling. If you are concerned about your gambling or worried about a friend, you can call the NC Problem Gambling Helpline at 1-877-718-5543. You can also contact the National Helpline at 1-800-522-4700.
Then in 2017 Mega Millions followed Powerball's path increasing ticket prices and adding more number combinations. It made it harder for someone to win, meaning the jackpot can easily keep going.
And those higher interest rates are contributing to big prizes too.
Take this week's $785 million prize. You only get all that money if you chose to get paid out of 30 years. That money grows from investments in US Treasury bonds. That means the higher the interest rates, the bigger the estimated prize money can grow.
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