There wasn't a single $1 billion lottery jackpot before 2016. Here's why there have been 7 since then.

The article focuses on the significant growth of Powerball and Mega Millions jackpots, which have combined to exceed $1 billion. Following a recent $1.08 billion Powerball win, the Mega Millions jackpot is estimated at $910 million, potentially marking the fourth time this year that a Mega Millions prize surpasses $1 billion. Changes made by the Multi-State Lottery Association in 2015 and subsequent adjustments to Mega Millions rules have contributed to the larger jackpots by altering the odds of winning. Additionally, rising interest rates have increased the estimated value of annuity payouts, further influencing jackpot sizes. The article also provides a list of the largest lottery prizes in history, highlighting the substantial cash values associated with these jackpots. [Extracted from the article]