Lottery spending is growing. Residents shell out the most in these states.

The Powerball jackpot has reached an astonishing $1.8 billion, enticing Americans across the country to try their luck at winning the top prize. However, some states have a higher percentage of lottery participants than others.

According to a recent analysis by LendingTree, Massachusetts leads the nation in lottery spending, with residents shelling out an average of $915 a year on tickets in hopes of hitting the jackpot. Following closely behind is Rhode Island, where residents spend an average of $573 annually on lottery tickets. On the other end of the spectrum, North Dakotans seem to be more realistic about their chances of winning, as they spent only $50 on lottery tickets in 2023, the lowest of any state.

The disparity in lottery spending among states may be attributed to accessibility. LendingTree’s chief consumer finance analyst, Matt Schulz, pointed out that urban areas typically have more opportunities for purchasing lottery tickets compared to rural areas. For example, it may be easier to find a convenience store selling lotto tickets in Massachusetts or New York than in North Dakota, which could explain the variance in spending habits.

Despite the slim odds of winning, lottery spending generates a significant amount of revenue for participating states. On average, lottery sales contribute about 1% to a state’s general revenue. However, in states like Rhode Island, South Dakota, and West Virginia, lottery revenue accounts for 3% of the state’s income. In Florida, lottery sales make up 2% of the state’s revenue, showcasing the significance of these programs for state budgets.

While the chances of winning the lottery are slim, a winning ticket can be life-changing. In 2023, Americans spent an average of $320 on lottery tickets, reflecting a 4% increase from the previous year. The current Powerball jackpot stands at a staggering $826.4 million for a lump-sum cash payout, making it the second-largest prize in U.S. lottery history. The record jackpot of $2.04 billion was won on Nov. 7, 2022.

The excitement surrounding the massive jackpot has led to increased participation in the Powerball drawing, scheduled for Saturday at 11 p.m. EDT. As Americans eagerly await the results, the allure of winning big continues to captivate lottery enthusiasts nationwide.

Megan Cerullo, a New York-based reporter for CBS MoneyWatch, covers various topics including small business, workplace trends, healthcare, consumer spending, and personal finance. Her insights and analysis are regularly featured on CBS News 24/7, providing valuable information to viewers and readers alike.