Mega Millions Jackpot Reaches $900 Million, 8th-Largest in History
The Mega Millions jackpot has reached an astounding $900 million, marking it as the eighth-largest jackpot in the game’s history. This massive prize is up for grabs in the upcoming drawing on Tuesday night.
Jackpot Details and Payout Options
Winners have the flexibility to choose between two payout methods:
- A lump-sum payment of $415.3 million.
- An annuity option, which consists of one immediate payment followed by 29 annual installments that increase by 5% each year.
Winning Odds
The odds of winning any prize in Mega Millions stand at 1 in 23. However, the odds of clinching the jackpot are significantly lower, at 1 in 290.5 million.
Future Drawings
If no winner emerges from Tuesday’s drawing, the next opportunity to win will occur on Friday at 11 p.m. ET, with estimates suggesting the jackpot could exceed $1 billion.
Ticket Prices and Odds Improvements
In April, changes to Mega Millions resulted in a ticket price increase, now set at $5 per play. This adjustment has marginally improved the odds of winning while also introducing multiplier options of 2x, 3x, 4x, 5x, and 10x.
Contribution to Education
In Georgia alone, lottery funds have contributed over $29.8 billion to education since the program’s inception. This funding supports millions of students from pre-kindergarten through college, as indicated by the Georgia Lottery.
Widespread Popularity
Mega Millions is sold across 45 states, Washington, D.C., and the U.S. Virgin Islands, making it the nation’s most popular multistate jackpot game. It is noteworthy for having seven jackpots surpassing $1 billion, with the most recent billion-dollar win occurring in December, when a jackpot of $1.269 billion was claimed before taxes.
Record Mega Millions Jackpot
The record for the highest Mega Millions jackpot stands at $1.6 billion, awarded to an anonymous winner in Florida in 2023. Winners must claim their prizes through the state lottery office, and all winnings are subject to federal and state taxes. Some states allow winners to maintain their anonymity, providing them with additional privacy.
