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4 reasons NOT to buy a $493 million Mega Millions ticket

Lottery fever is upon us once again.

The Mega Millions jackpot is now $493 million ahead of Tuesday’s draw at 11 p.m. after there were no winners on Friday night. It’s the fifth-largest Mega Millions jackpot after the $533 million won in March. (The largest was the $1.586 billion jackpot won on Jan. 13, 2016.)

The lottery only becomes ‘progressive’ — when high earners spend more on tickets than more than low earners — when the jackpot is at least $806 million or more.

Lottery jackpots are overwhelming played by low-income Americans, studies show. In fact, the lottery jackpot only becomes “progressive” — meaning that high earners spend more on tickets than more than low earners — when the jackpot is at least $806 million or more, according to this study by Emily Oster, currently a professor of economics at Brown University.

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