what-the-states-of-new-york-and-new-jersey-do-with-the-money-they-make-from-mega-millions-ticket-sales

When someone wins in the lottery, not only does she win, but also the state, and she does it big. This was the case with the Mega Millions jackpot in which $1,337 million dollars were drawn, which is the third largest prize that has been given in the entire the history of the game, and that it fell in the state of Illinois.

That people buy large amounts of tickets is very beneficial for the states, because by just buying a ticket, players help finance programs where many people are helped.

According to the Mega Millions website, half of the proceeds from the sale of each ticket stays in the state where the ticket was sold, where the money it is used to support lottery beneficiaries (former winners who receive their money annually). The other half is used to support social programs that vary from state to state.

Lottery proceeds go to public education in New York State. The State Constitution, approved by 66% of the voters in 1966, requires that all Lottery game revenue is used to support education in New York State, according to information on the New York State Gaming Commission website.

Lottery game revenue of New York are distributed to local school districts through the same legal formula that is used to distribute other state aid to education.

This formula takes into account both the size of the school district and its level from income. Larger, low-income school districts receive proportionately larger amounts of Lottery school funds.

In In the case of New Jersey, for every $2 Mega Millions ticket sold in New Jersey, $1 goes directly to pay prizes. The rest is split: $0.25 cents goes to retail fees/overheads, and the other $0.80 cents go to the state, according to the Law of Contribution of Lottery Companies.

Then, the $0.80 cents that went to the state are used to reinforce the entity’s pension program. This money provides financial stability and helps the retirement system continue to grow until the year 2047.

All lottery proceeds in New Jersey are intended to help fund the pensions of retired public employees, including teachers, police officers, and firefighters, along with state, county, and local workers, as required by law.

So far 2022, the lottery generated more than $1,000 million dollars for the state of New Jersey.

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– Massachusetts man will receive $20 thousand per year for life by winning the lottery twice

By Scribe