Mega Millions Jackpot Soars to $900 Million: Potential Winner’s Take-Home
The Mega Millions jackpot has surged to an impressive $900 million. This increase comes after the latest drawing, which yielded no winners. The current amount is nearing the significant milestone of $1 billion, making it the eighth-largest jackpot in the history of the game.
Key Facts About the Mega Millions Jackpot
- The winning numbers from the recent drawing were 16, 21, 23, 48, 70, and the gold Mega Ball 5.
- If a winner emerges, they can choose between two payout options:
- A $900 million prize in 30 annual installments.
- A lump sum cash payout of $415.3 million, which is commonly preferred.
- Choosing the lump sum will result in an immediate reduction. After federal taxes of 24%, the cash prize drops to around $315.6 million. Other taxes may further reduce it, possibly down to about $261.7 million.
- Annual payments from the installment option would be roughly $30 million. Post-tax, this could decrease to around $18.9 million each year.
- Different states impose varying tax rates on lottery winnings. For example, New York applies a tax of 10.9%, whereas states like Texas, Florida, and California have no state tax on lottery prizes.
Odds of Winning
Purchasing a Mega Millions ticket comes with long odds. Currently, the chance of winning the jackpot stands at 1 in 290,472,336. This figure reflects a slight improvement from the previous odds of 1 in 302.5 million, thanks to recent modifications to the game that have made winning both the jackpot and smaller prizes more feasible.
What to Expect Next
The next Mega Millions drawing is scheduled for Tuesday at 11 p.m. EST. In addition, the Powerball drawing will take place on Saturday night, with an estimated jackpot of $467 million, or a cash option of $218.1 million.
Historical Context
This Mega Millions jackpot is noteworthy as it stands as the third highest since a Florida winner took home a record $1.6 billion in August 2023. Notably, a New Jersey player won $1.1 billion in March 2024, and a California winner received $1.3 billion in December 2024. The current jackpot has been accumulating since it was last won in Virginia on June 27.
