The chief prize or all the prizes or money to be won in a game, contest, lottery, or the like: the jackpot. Also: a large windfall, find, or other sudden wealth: “She hit the jackpot when she won a million dollars.”

Lottery jackpot

In lottery games, a jackpot is the sum of all the prize amounts that would be paid if the entire current prize pool were invested in an annuity that paid 30 annual installments for three decades. Those payments are based on the current value of each white ball and gold ball, and of the overall prize pool. As such, they can rise and fall over time.

Lottery organizers have been making their lotteries harder to win for decades, says Victor Matheson, an economics professor at the College of the Holy Cross who studies them. That’s a way to incentivize more people to buy tickets, and it can work: As the odds have gone up, so have the jackpots.

If you win a lot of money, you need to prepare for the tax hit. It’s a good idea to consult an accountant and a financial planner, who can help you set up trusts and other legal arrangements to protect your assets. And don’t spend the money too fast: Even a large windfall can run out, and many jackpot winners end up in debt or bankrupt. It’s best to reassess your investment goals, strategies, and risk tolerance with the help of professionals.