Connect with us

Published

on

close video Jackpot CEO reveals plan to digitize the lottery industry

Jackpot CEO Akshay Khanna reveals how the startup plans to disrupt the $100 billion lottery market on ‘The Claman Countdown.’

The Mega Millions jackpot estimate for Tuesday's drawing is the third-highest on record at $1.1 billion, topping the 10-figure mark for the fourth time in as many years.

While there are several factors that play into determining the size of the purse, recent prizes – like the $1.337 billion jackpot won in July and the most recent win of $502 million in October – are getting a little extra juice thanks in part to the actions of the Federal Reserve.

A cashier prints out a Mega Millions lottery ticket at a 7-Eleven convenience store in Chino Hills, California, July 28, 2022. (Photo by RINGO CHIU/AFP via Getty Images / Getty Images)

The Mega Millions prize estimate is figured based on a combination of forecasted ticket sales that determine the estimated cash value, and is an annuity prize based on the 30-year U.S. Treasuries rate – which trends closely with the Federal Funds rate.

FED OFFICIALS EXPECT TO KEEP INTEREST RATES ELEVATES FOR ‘SOME TIME,’ MINUTES SHOW

After nearly a year of the central bank hiking rates, the 30-year Treasury bond sat at 3.66% on Monday, up markedly from 2.09% a year ago. So gamblers can tip their hats to the Feds for the extra sweetening of the pot in recent jumbo jackpots.

Federal Reserve Board Chairman Jerome Powell speaks during a news conference after a Federal Open Market Committee meeting on Dec. 14, 2022 in Washington, D.C. (Photo by Alex Wong/Getty Images / Getty Images)

However, before any winners start drafting a thank-you letter to Fed chair Jerome Powell for the boost, know that economic policy is not seen as a significant driver. Danielle Frizzi-Babb of the Ohio Lottery says interest rates play a minor role in determining the size of the prize.

LOTTERY WINS OF 2022: A LOOK BACK AT PEOPLE ‘HITTING THE JACKPOT’

The current Mega Millions sequence began in October and actually benefited from a record-setting Powerball jackpot in the fall, the lottery official explained. She said that when folks get excited about a massive jackpot, it drives traffic to retail locations and will sometimes drive sales for other games, too.

Play stubs are displayed at the lottery counter at Broad Street Liquors, Tuesday, Jan. 3, 2023, in Timonium, Maryland. An estimated $1.1 billion Mega Millions jackpot set for Tuesday night will give lottery players a chance to start the new year with ((AP Photo/Julio Cortez) / AP Newsroom)

There is also a heightened consumer interest in playing the lottery during the holidays, which also drove up the current prize. 

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Ultimately though, Frizzi-Babb told FOX Business, "We can never predict when we're going to see one of these big jackpot runs."

"It's still a lottery game," she said. "It's still the luck of the draw."

Continue Reading

Sports

Sources: DFA’d by Nats, Lowe set to join Red Sox

Published

on

By

Sources: DFA'd by Nats, Lowe set to join Red Sox

First baseman Nathaniel Lowe and the Boston Red Sox are finalizing a deal, sources told ESPN, paving the way for him to join one of the strongest lineups in baseball.

The deal, which will be for a prorated portion of the major league minimum after Lowe was designated for assignment by Washington earlier this month and went unclaimed on waivers, adds a veteran bat to a first-base mix that has been uncertain since Triston Casas‘ season-ending knee injury in May.

Lowe, 30, had been a consistent presence for the Texas Rangers for the past four seasons, including their World Series championship run in 2023. But after an offseason trade to the Nationals, Lowe posted career lows in batting average, on-base percentage and slugging percentage.

Nevertheless, Boston was thrilled to bring him in, hopeful he can find a resurgence at Fenway Park, where he could fit nicely on the left side of a platoon. Lowe has hit 14 home runs in 337 plate appearances against right-handed pitching this season, posting an OPS+ 20% better than league average.

The Red Sox have split time at first between veterans Abraham Toro against right-handed starters and Romy Gonzalez against left-handers. In 109 plate appearances against lefties, Gonzalez is punishing them, hitting .354/.404/.667. After a strong start to the season, Toro’s performance has faltered over the past five weeks, leaving a potential opportunity for Lowe.

Despite the questions at first, Boston ranks fourth in runs scored in the major leagues with 626 in 125 games, just 14 behind the big league-leading Los Angeles Dodgers. The Red Sox have got potential fortification waiting at Triple-A as well, with rookie Kristian Campbell righting his swing, Vaughn Grissom still playing well enough for an opportunity and top prospect Jhostynxon Garcia slugging 17 home runs in 65 games.

With Lowe going unclaimed on waivers, the Nationals will owe him most of the remainder of his $10.3 million salary. Lowe will be arbitration-eligible next offseason, offering the possibility Boston could bring him back in 2026.

At 68-57 this season, the Red Sox are tied with the Seattle Mariners for the top wild-card spot, a half-game ahead of the New York Yankees. The next-closest team in the AL wild-card race is Cleveland, which is 3½ games behind New York.

Continue Reading

Sports

M’s Robles ejected for throwing bat at AAA pitcher

Published

on

By

M's Robles ejected for throwing bat at AAA pitcher

LAS VEGAS — Seattle Mariners outfielder Victor Robles was ejected from a minor league game during a rehab assignment with Triple-A Tacoma on Sunday after he was nearly hit by an inside pitch and tossed his bat at the pitcher.

Las Vegas starter Joey Estes’ first pitch to Robles in the third inning was inside and Robles whacked at it to avoid getting hit. After taking a few steps behind the plate and dropping his bat, Robles picked up the bat and threw it in Estes’ direction and was immediately ejected from the game by plate umpire Joe McCarthy.

Robles, who was hit by a pitch three times in his previous four games with Tacoma, took some steps toward the mound while yelling at the pitcher but was held back by McCarthy and Las Vegas teammates.

After going into the dugout, Robles threw a box of snacks toward the field before heading to the clubhouse.

Continue Reading

Politics

Thailand plans to launch crypto payment sandbox for tourists

Published

on

By

Thailand plans to launch crypto payment sandbox for tourists

Thailand plans to launch crypto payment sandbox for tourists

The Thai government is reportedly set to allow tourists to exchange crypto for Thai baht and make electronic payments through e-money service providers.

Continue Reading

Trending