The Mega Millions lottery game has made history yet again, as the jackpot soars to an unprecedented $1.05 billion. This is only the fifth time in U.S. history that a lottery prize has surpassed the billion-dollar mark.
The Rise of the Mega Millions Jackpot
Since April 18, there have been 29 consecutive draws without a Mega Millions winner, contributing to the staggering jackpot amount. In fact, when combined with Powerball winners, the $1.05 billion prize ranks as the seventh largest lottery payout ever.
A Choice Between Lump-Sum and Annuity Payments
When it comes to claiming their prize, Mega Millions winners have two options: a lump-sum payment or an annuity payment spread out over time. Opting for the lump-sum cash payment provides recipients with an immediate one-time payout equivalent to the cash in the prize pool. On the other hand, those who choose the annuity payment receive an immediate sum, followed by 29 subsequent annual payments. Each payment increases by 5% compared to the previous one, as outlined on the official Mega Millions website.
Popular Choice: The Lump-Sum Payment
Massive Jackpots and Tax Considerations
Lottery jackpots, subject to both state and federal taxes, can grow to astonishing amounts due in part to the incredibly low odds of winning. With Mega Millions, the chances of hitting the jackpot stand at about 1 in 302.6 million. To put this into perspective, even if you were to buy a lottery ticket for every drawing over 80 years (twice a week for Mega Millions and three times a week for Powerball), your odds of winning would still be smaller than the likelihood of getting struck by lightning at any point in your life.
Looking Ahead: The Upcoming Mega Millions Drawing
The next Mega Millions drawing is scheduled for Tuesday night at 11 p.m. Eastern time. With no cap on the maximum jackpot, the prize amount can continue to climb if there are no jackpot winners.
Our Latest News
Berkshire Hathaway sold more stock than it purchased in the second quarter, raising questions about the fate of Paramount Global. Learn more about Warren Buffet...
Plug Power has reached a settlement with the SEC over financial reporting violations, agreeing to pay $1.25 million in penalties.
New Jersey Lt. Gov. Sheila Oliver, the first Black woman to serve as speaker of the state assembly, passed away at 71. She leaves a legacy as a trailblazer and...