Mega Millions Jackpot Climbs to $1.55 Billion Ahead of Tuesday Last Years Drawing
No one won Friday night’s Mega Millions drawing, so the jackpot is growing even bigger. This prize is the second largest in history.
The winnings can be paid in annuity payments over 30 years or a lump sum, which would be subject to federal taxes. Most states also tax lottery winnings.
Numbers
No one matched all six numbers in Friday night’s Mega Millions drawing, and the jackpot is now worth $1.55 billion. That’s the fourth-largest prize in Mega Millions history and the fifth over $1 billion, according to a Mega Millions press release. A sole winner would have the option to collect an annuity with annual payments over 30 years or a lump sum of about $627 million. The prize will also be taxed, as is the case with all lottery winnings.
The chances of winning the jackpot are 1 in 302,575,350, though the odds of matching all five of the white balls drawn are much better at about one in 24.
The Mega Millions game was launched in 1996. It was originally known as The Big Game before changing to the current name in 2002.
Odds of winning
The odds of winning Tuesday’s Mega Millions jackpot are astronomical. But don’t worry, you can still improve your chances of winning a smaller prize by following a few simple steps. First, choose a random set of numbers instead of ones that have a personal meaning to you. You should also avoid pattern-less numbers, as they will be more likely to appear on other tickets.
To win the jackpot, a ticket must contain all six winning numbers from five different pools and one number from the Mega Ball pool. The odds of winning are 1 in 302,575,350 to 1. If a winner is found, they will be able to choose between receiving the prize in 29 annual payments or a cash option worth approximately $757.2 million upfront. Winning the jackpot would be the largest in the history of the national lottery game. It is also the fourth-largest in U.S. lotto history, behind two Powerball jackpots of $2.04 billion in 2022 and $1.58 billion in 2018.
Taxes
The prize is the third-largest in history. It’s also the fourth time a jackpot has hit $1 billion since the drawing on April 18. If someone wins, they’ll have to pay a sizable chunk of their winnings to the IRS.
The full prize amount is only available to those who take the annuitized option, which pays out 30 annual payments over the course of 30 years. That’s the choice most winners make, though they’ll have to give up 24% of their prize money right away. Federal taxes could go as high as 37%, depending on their filing status and other factors, according to Forbes.
Whether the winner chooses the annuity or lump sum payout, they should hire a team of experts to help them navigate a range of financial decisions. A certified financial planner or enrolled agent can advise them on the best options, and estate planning attorneys can handle complicated matters like heirs’ claims.
Splitting the jackpot
Buying multiple lottery tickets in a pool can increase your chances of winning the jackpot. However, a single ticket will still only have about a one-in-302.6 million chance of picking the winning numbers. And while the odds of winning are slim, the prize money is still a lot better than other unlikely possibilities, such as being killed by a vending machine.
When lottery jackpots reach eye-popping amounts, more people buy tickets and the jackpot grows faster. Americans are 15 times more likely to buy a ticket when the prize reaches $1 billion, according to Matheson. But is it really a good idea? A quick look at historical lottery data suggests the answer is no.