What Is Megabucks At Now
The Massachusetts Lottery was established on September 27, 1971, following the legalization of gambling by the Massachusetts General Court, the legislature of the Commonwealth. The Lottery is administered by a commission of 5 members, who include the Treasurer and Receiver-General (who serves as chairperson), the Secretary of the Massachusetts Department of Public Safety, and the Comptroller, who serve on an ex officio basis. The Governor appoints the other 2 members.
- Megabucks New Hampshire Lottery
- Megabucks How Many Numbers
- What Is Megabucks At Now Today
- Megabucks New Hampshire Numbers
- Megabucks How To Win
The largest Megabucks jackpot ever was won in 2003 at the Excalibur when a player won more than $39 million. Megabucks last hit in April 2019 at Sunset Station for $13,154,723. Next drawing $-More Info Keno. A new game every 4 minutes $-More Info. Well, now’s the time to consider your entertainment in 3-D — with Cube Crossword! This classic crossword ticket comes with a bonus puzzle on the back. But best of all, it also comes with a chance at a $100,000 top prize! Be there or be square with Cube.
The state's lottery is unusual in that it withholds 5% on prizes over $600, instead of only over $5,000. The Federal withholding on prizes of at least $5,000 is 25%.
Current draw games[edit]
Megabucks New Hampshire Lottery
In-house draw games[edit]
Megabucks Winning Numbers: Draw Date s. Buy Now Current Winning Numbers NEVER MISS A BIG JACKPOT WITH AUTO-RENEWAL FROM iLOTTERY. Estimated Jackpot.
The Numbers Game[edit]
The Numbers Game is played twice daily. It draws 4 1-digit numbers, bets can be made on a 1-digit and/or 2-digit number. 3-digit numbers are 'first 3' or 'last 3,' as a 3-digit number is not drawn separately. Minimum wagers are 25 cents on a 3-digit or 4-digit number, and 50 cents on a 2-digit number or 1-digit.
Payouts are on a pari-mutuel basis, the payout percentage is 60% on 1- and 2-digit wagers, 70% on 3-digit bets, and 50% on a 4-digit number.
Keno[edit]
Keno is mainly played at retailers that are equipped with game monitors, although it is available at every location. Keno started on September 30, 1993. 5 minutes apart of drawing started on September 30, 1993 and ended on February 28, 2003 after 475,622 games. On February 20, 2003, Keno announced it would modified from 5 minutes apart of drawing to 4 minutes apart of drawing starting on March 1, 2003. Prizes and options vary. 101 games per draw on December 22, 1995 at 12:00 p.m. which is the least, and 300 games per draw since November 24, 2004 at 5:00 a.m. which is the most.
Jackpot Poker[edit]
This is a poker-themed game with a side bet. Jackpot Poker started on June 17, 2013 and ended on June 30, 2016 after 318,953 games, and was replaced with All or Nothing 2 weeks and 4 days later on July 18, 2016. The basic game costs $1, if the computer-generated 'hand' is a Royal Flush, the player wins $25,000. Smaller prizes are for other poker hands. A $2 wager is eligible for the Progressive Jackpot option, the minimum jackpot is $100,000.[1]
All or Nothing[edit]
All or Nothing (stylized as ALL OR NOTHING) is a game where bettors select 12 numbers from a pool of 24. The drawing consists of 12 numbers also (half the pool of possible numbers) and pays out if 0-4 numbers or 8-12 numbers are matched. If bettors match 5, 6, or 7 numbers, the most likely amounts to be matched, there is no prize. Matching all 12 or none of the 12 pays out the jackpot (hence the name All or Nothing), which is $100,000. Other prizes include $2, $4, $25, and $400. Like in Keno, there is 1 drawing every 4 minutes. All or Nothing began drawing on July 18, 2016, following the cession of Jackpot Poker.
Mass Cash[edit]
On July 17, 2011, Mass Cash expanded to daily drawings. 5 numbers 1 through 35 are drawn. Top prize is $100,000 (with a $1 million liability limit). The game is similar to neighboring Connecticut's Cash 5 basic game (without the Kicker). 4 numbers wins $250, 3 numbers, $10.
Megabucks Doubler[edit]
Megabucks Doubler is drawn Wednesdays and Saturdays.6 numbers from 1 through 49 are chosen. The jackpot starts at $500,000, unlike previous versions of the game, there is a cash option. Matching 5 out of 6 wins $2,500 ($5,000 with doubler). Matching 4 out of 6 wins $100 ($200 with doubler). Matching 3 out of 6 wins $2 ($4 with doubler).
Multi-jurisdictional games[edit]
Lucky for Life[edit]
In 2009, the Connecticut Lottery introduced Lucky4Life, which became a regional game,Lucky for Life, three years later when the game expanded to include Maine, New Hampshire, Vermont, Rhode Island, and Massachusetts.
In January 2015, Lucky for Life became a 'quasi-national' game, as of 2017 it is offered in 25 states and the District of Columbia.
Mega Millions[edit]
On September 6, 1996, Illinois, Georgia, Virginia, Maryland, Michigan, and Massachusetts began a jackpot game, then called The Big Game. The current name, Mega Millions, was adopted in 2002, with The Big Game name retired soon after. The jackpot starts at $15 million. Games are $1 each, or $2 with the Megaplier option, which became available in Massachusetts in 2011.
The current version of the game began in 2013.In October 2017, the format for Mega Millions will change again, among the changes is a $2 price point ($3 with the Megaplier). Massachusetts will be among the game's lotteries offering the Just the Jackpot option ($3 for two game), such a ticket is eligible for only the jackpot.
Powerball[edit]
Powerball began in 1992.Massachusetts added Powerball on February 3, 2010.
Instant Tickets[edit]
The Lottery offers scratch tickets with price points of $1, $2, $5, $10, $20, and $30. Top prizes range from $5,000 to $15 million. 'Cash for Life' tickets offer the chance to win $500 to $10,000 a week for life.
Former Games[edit]
Mass Millions[edit]
Mass Millions was introduced in 1987. Similar to Megabucks, it was played the same way where players picked 6 numbers out of a field of 42, however, a bonus number was drawn during each drawing, drawings were held on Tuesday and Friday nights. Matching all 6 regular numbers won the jackpot. 5 out of 6 plus the bonus number won $100,000, 5 out of 6 won $5,000, 4 out of 6 won $100, and 3 out of 6 won $2. This game was replaced by Cash Winfall in 2004.
The Daily Race Game[edit]
The Daily Game Race was played much the same as Keno. It used a horserace-themed Keno-style computer monitor. The Daily Race Game started on April 2, 2007 and ended on June 11, 2013, due to poor sales and players' preference for poker.[2]
Cash Winfall[edit]
Cash Winfall was drawn Mondays and Thursdays. 6 numbers 1 through 46 were chosen. The jackpot began at $500,000, it always was paid in lump sum. Lower-tier prizes were $4,000, $150, or $5 for matching 5, 4, or 3 numbers respectively, 2 numbers won a Cash Winfall bet. If the jackpot reached $2 million and was not won, the jackpot was 'rolled down' with the secondary prizes increased.
After the Boston Globe published reports of individual stores selling millions of dollars in tickets, state officials suspended the game, suspecting organized crime involvement. Investigations revealed that the profiteers were a retired couple and a group of college students who, by legally exploiting elements of the game, were practically guaranteed to win profits of approximately 20% when tickets were bought in rolldown conditions.[3]
Cash Winfall ended on January 26, 2012.[4]
See also[edit]
References[edit]
- ^'Massachusetts State Lottery - The Jackpot Poker Games'. Masslottery.com. Archived from the original on 2013-09-08. Retrieved 2014-05-13.
- ^'Massachusetts State Lottery - About the Lottery - Lottery News'. Masslottery.com. Retrieved 2014-05-13.
- ^Wertheim, Jon.How a retired couple found lottery odds in their favor, CBS 60 Minutes, 2019-01-27. Accessed 2019-02-27.
- ^https://www.usamega.com/archive-012012.htm
External links[edit]
Megabucks How Many Numbers
- Appendices
- Slots Analysis
- Miscellaneous
Introduction
This page investigates the odds of the progressive jackpot slot machine, Megabucks, including the average jackpot and breakeven point.
For now, let's ignore the fact that a jackpot is paid by installments over 25 years and that the jackpot would be subject to income tax.
I don't know exactly how Megabucks is programmed. However, there is some information that is public knowledge. If we fit the pieces together, we can make a pretty good estimate of the point at which the return is 100%, known as the 'breakeven point.' Here is what we do know:
- According to John Robison, the probability of hitting the jackpot is 1 in 49,836,032. This figure comes from an article titled Megabucks closes in on record jackpot from the Las Vegas Sun, Dec. 24, 1999. That probability comes to (1/368)3, implying each reel has a 1 in 368 chance of stopping on the jackpot symbol.
- The Nevada Gaming Control Board indicates that the profit of Megabucks on both a percentage and dollar basis. The following is a summary for 1994 to 2009.
Megabucks Win — 1994 to 2009
Year Win ($) Win (%) 2009 53,352,000 10.43% 2008 83,981,000 11.85% 2007 88,858,000 12.72% 2006 100,923,000 12.39% 2005 100,923,000 12.39% 2004 67,326,000 10.54% 2003 83,069,000 10.41% 2002 76,842,000 11.98% 2001 69,821,000 11.50% 2000 69,103,000 9.75% 1999 74,921,000 12.28% 1998 134,943,000 12.25% 1997 66,166,000 12.18% 1996 57,619,000 10.03% 1995 65,223,000 10.48% 1994 46,760,000 9.44% total 1,239,830,000 11.39% The key piece of information from this table is that the overall profit of the game has been 11.39%. In other words, 88.61% is returned to the players.
- According to defunct source, starting in September 2005, Megabucks was reset to a jackpot of $10 million. Before that, the reset value was $7 million.
- According to a2zlasvegas.com, there have been 11 jackpots hit between September 2005 and the date of the last jackpot (Feb. 21, 2010). That same website shows a jackpot was hit on September 15, 2005. The number of days between then and the time of this writing is 1,619 days. We also see from that website that the total of the last 11 jackpots was $167,367,727. Of that, $110,000,000 was from the reset amounts and $57,367,727 was from the progressive contribution.
The portion of money returned to players in form of jackpots is thus $167,367,727/$1,644,589,056 = 10.18%. From the Nevada Gaming reports, we know a total of 88.61% is returned to players. That means that the portion returned to players in non-jackpots is 88.61% - 10.18% = 78.44% (The 0.01% apparent difference is due to rounding).
If there were no small wins, and no progressive contribution, then the return of the game would be $10 million/(3×(1/368)3) = 6.69%. As already shown, the total return from jackpots is 10.18%, leaving 3.49% coming from the jackpot meter. Here is a summary of where each $1 bet on Megabucks goes:
Megabucks Breakdown
| Item | Cents |
|---|---|
| Fixed wins | 78.44¢ |
| Meter reset | 6.69¢ |
| Progressive contribution | 3.49¢ |
| Profit | 11.39¢ |
| Total | 100.00¢ |
The average point at which the jackpot will hit is 10 million + [$3 × 0.0349 / (1/368)3] = $15,215,248. In 2006, when the jackpot was almost $16 million, IGT, Megabuck's creator, purchased ads in the local media stating that the jackpot was 'overdue' to hit. I'm quoted in a Las Vegas Sun article about it, titled 'Pennies ready to pop'. This would seem to indicate my $15.2 million figure is not far off.
If j is the jackpot at which the game becomes a fair bet, with a 100% return, then we can solve for j as follows:
1 = 0.7844 + j × (1/368)3/3
j × (1/368)3/3 = 1 - 0.7844
j = 3 × (1 - 0.7844) / (1/368)3
j = $32,238,319.
The probability of any given jackpot growing this big is 1.41%. At the current rate of play, a jackpot should get this big once every 29 years, on average.
At any given time the return can be estimated as 78.44% + 0.6689%×m, where m is the number in millions of the current jackpot. For example, at a jackpot of $15 million, the return would be 78.44% + 0.006689×15 = 88.47%.
Everything in this page should be taken as a ballpark estimate. Various factors could cause it to be off, including players not betting the full $3 and the fact that while 11 jackpots were hit in the study period, the expected number could be higher or lower.
It also bears repeating that the above does not factor in the annuity or taxes. Let's look at what happens if we do consider those factors. For the time value of money, let's use the return on long-term Treasury Bills. Megabucks jackpots are paid in a 25-year annuity. At the time of this writing a 20-year T-Bill paid 4.58% interest, and a 30-year one paid 4.74%. Let's split the difference at 4.66%. Using some actuarial math I won't get into, the value of the annuity is worth 61.07% of face value, based on that interest rate, and 25 annual installments, at the beginning of each year.
For taxes, let's assume close to the expected jackpot of $15 million. Under 2010 income tax rates, assuming the winner is filing jointly, and all other income exactly equals deductions, the taxes due will be 30.05% for 2010. Assuming no change in the tax law, that will drop over time, because the tax brackets will be adjusted upward, but the winning payments won't be. I tend to think the recent passage of health care will increase tax rates, especially on large incomes. Let's just assume those factors cancel each other out, to keep it simple.
What Is Megabucks At Now Today
So to keep things in round numbers, the winner will keep 61% after the annuity, and 70% of that after taxes. So the jackpot winner will see about 61% × 70% = 42.7% of his winnings in current dollars. Factoring the annuity and taxes, the breakeven point becomes $75.5 million. The probability of any given jackpot growing that big is about 1 in 283,000, and will happen once every 114,000 years. Again, I'm making lots of assumptions, so these estimates should be considered very rough.
After publishing this article, a reader quoted a page at slot-machine-resource.com, which states that after the first installment is made, the player is given the option to get 60% of the rest immediately, or stick with the installment plan. Tax implications aside, which favor the annuity, the interest rate at which the two options are equal is 4.581%.
External Links
- Megabucks Closes in on Record Jackpot from the Las Vegas Sun, Dec. 24, 1999.
- Nevada Gaming Control Board
- Slots Payout percentage, from Cassaon Casino.
- History of Megabucks Jackpots, from a2zlasvegas.com.
- Pennies Ready to Pop, from the Aug. 9, 2006 Las Vegas Sun.
- Megabucks, from slot-machine-resource.com.