Personal Finance

How Mega Millions and Powerball changed the rules to boost their jackpots

How the Mega Millions and Powerball lotteries work

Last October, an anonymous woman in South Carolina won the $1.6 billion Mega Millions jackpot. Lottery prizes have been on the rise since the two major lottery organizations, Mega Millions and Powerball, struck a deal to cross-sell tickets in each other's member states in 2010.

Lotteries go back much further — in colonial times, they founded many of America's roads, bridges and schools, including Harvard and Yale. Today, state-sponsored lotteries still contribute millions to state budgets, but some critics question how effective they actually are. Watch this video to find out more about the modern-day lottery in the U.S.

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