Economy Now
Where all of that lottery money goes
November 28, 2012: 11:45 AM ET
The jackpot for Wednesday's Powerball drawing is up to a record $550 million. But that's nothing compared to what we spend in pursuit of the winning ticket – a total of $65.5 billion in the last year alone. Here's the breakdown of how the money from lottery ticket sales gets spent.
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Online lottery comes to Illinois
Illinois is giving new meaning to letting computers pick your lottery numbers.
Starting Sunday, Illinois residents will be allowed to buy Mega Millions and Lotto tickets online as part of a three- to four-year pilot program approved by the state legislature. The Prairie State will become the first to allow online lottery sales.
Buying lotto tickets online was thought to run afoul of the 1961 Wire Act, which prohibited gambling over wires. MORE
Tami Luhby - Mar 23, 2012 4:07 PM ET
| Overnight Avg Rate | Latest | Change | Last Week |
|---|---|---|---|
| 30 yr fixed | 3.75% | 3.66% | |
| 15 yr fixed | 2.89% | 2.79% | |
| 5/1 ARM | 2.66% | 2.59% | |
| 30 yr refi | 3.74% | 3.64% | |
| 15 yr refi | 2.89% | 2.79% |
by Bankrate.com
Today's featured rates:
- 30 yr fixed mtg, 0 points, Los Angeles, CA, APR 4.625%
- 30 yr fixed mtg, 0 points, Los Angeles, CA, APR 4.625%
- 30 yr fixed, 0 points refi, Elizabeth, NJ, APR 4.625%
- 30 yr fixed, 0 points refi, Elizabeth, NJ, APR 4.750%
- 15 yr fixed mtg, 0 points, Orlando, FL, APR 3.875%
- 15 yr fixed mtg, 0 points, Orlando, FL, APR 4.000%
- 5/1 ARM, 0 points, Houston, TX, APR 3.125%
- 5/1 ARM, 0 points, Houston, TX, APR 3.250%
- 30 yr jumbo, 0 points, Cleveland, OH, APR 5.500%
| Latest Report | Next Update |
|---|---|
| Home prices | Aug 28 |
| Consumer confidence | Aug 28 |
| GDP | Aug 29 |
| Manufacturing (ISM) | Sept 4 |
| Jobs | Sept 7 |
| Inflation (CPI) | Sept 14 |
| Retail sales | Sept 14 |
