Winning the lottery or hitting the jackpot: Which is more likely to happen?
Have you wondered how you could become rich without being a workaholic for years? Well, you are not the only one, as many people have been lost in this thought, too. Many people even daydream about what they would buy if they had millions of dollars.
Interestingly, that is what jackpots and lotteries are there for – to make you rich overnight. However, what are your chances of winning either of them? Between hitting the jackpot and winning a lottery, which is more likely to happen? In this article, we will be analyzing how progressive jackpots work, how lotteries work, as well as your chances of winning any of them.
What are the odds of you winning a lottery or hitting a jackpot?
Lottery and jackpot are two different things. However, they have a common goal behind them, which is to make you rich instantly. As you know, nothing good comes easy, and so is winning a lottery or hitting the jackpot. Both jackpots and lottery are like gambling, and the risk associated with gambling also applies here, as your chances of winning are very slim. This is why it is important for anyone playing either lottery or aiming to hit the jackpot to develop an attitude of accepting risks.
How progressive jackpots work
To create a large progressive jackpot, gambling platforms such as free 3 reel slots would have to put together more than one casino game into one jackpot pool. Hence, the size of the jackpot will increase significantly within a little time frame as players continue betting on each game.
Shared casino jackpots also function in the same way. For the shared casino jackpot, the progressive jackpot is shared among different casinos via multiple or single games. The reason why it is referred to as a progressive jackpot is that the jackpot will continue to increase until one lucky person luckily enters the winning combination and bags the millions.
Progressive jackpots are more attractive because the reward keeps increasing as players keep trying their luck. The more players try their luck, the more the reward of the jackpot increases. Every player contributes their quota to the jackpot with the hope of walking away with the millions.
The competition to win the progressive jackpot is very high, but so is the reward of winning it. However, every player has the same chance of winning the progressive jackpot, thanks to the random number generators that casinos use. This gives every player a fair chance of winning the jackpot.
How lotteries work
Lotteries are gambling games used to raise money. At the fundamental level, a lottery involves players buying a lottery ticket with a small amount of money for the opportunity of winning a prize, which is usually a huge amount of money.
A lottery is determined by chance only, which means you do not need any skill to win it. In this game, all you need is luck. It is the luckiest person that will walk away with the big bag at the end of the day.
Most lotteries are offered and managed by states. These states offer different lottery games. Some of the games include scratch-off games, picking four or three numbers, daily games, and more. However, the most common lottery game out there is the lotto.
This lottery game involves players choosing the right 6 numbers from a set of balls. For most games, the numbering on these balls is from 1 to 50, while it exceeds that number for some games. For a player to win the lottery, he or she must pick the exact numbers that will be on the six balls that would be randomly picked at the end of the game.
You have a higher chance of hitting a progressive jackpot than winning the lottery. The natural lottery is also more expensive, as getting a lottery card costs about 8 times more than betting on a progressive jackpot slot. Hence, the chances of you hitting the jackpot are much higher than winning a lottery. A progressive jackpot offers players better and equal chances of winning, which is why more people are trying their luck with progressive jackpots than lotteries.
Story by Joe Booth. You can view the profile of the author.