10 States That Pay Out The Biggest Lottery Jackpots
Lotteries are big businesses in most states, and they can provide windfalls for both the winning ticket-holders and state coffers. In the case of lotteries that include multiple states like Mega Millions and Powerball, jackpots have hit records of over $300 million.
The guaranteed winners of lotteries, though, are state treasuries, which can receive several hundred million dollars a year on annual ticket sales of over $1 billion. The costs of operating a lottery are relatively low, the margins are excellent, and in this new era of government austerity, the funds they generate are even more important. Many states rely on lottery revenues to beef up education budgets: In New York, the lottery accounts for 5 percent of education spending. In others, the money goes into the general fund.
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