A Mega Tens of millions ticket is seen as an individual makes a purchase order inside a comfort retailer, Aug. 7, 2023, in Kennesaw, Ga.
Mike Stewart/AP
cover caption
toggle caption
Mike Stewart/AP
A Mega Tens of millions ticket is seen as an individual makes a purchase order inside a comfort retailer, Aug. 7, 2023, in Kennesaw, Ga.
Mike Stewart/AP
The successful numbers for a virtually $1 billion Mega Tens of millions lottery prize might be drawn Friday night time, providing sudden riches to any fortunate participant who matches them and virtually sure disappointment for everybody else. Since three months have handed with no winner, the Mega Tens of millions jackpot has grown to an estimated $977 million. That giant prize displays the extremely lengthy odds of successful the jackpot, because the longer the stretch with no winner, the extra the prize grows. The jackpot ranks because the tenth largest in U.S. lottery historical past — about half the scale of a file $2.04 billion Powerball prize gained in November 2022.
How do I play? Gamers can purchase tickets for $2 and choose six numbers from separate swimming pools. 5 of the picks come from one pool, with totally different numbers from 1 to 70, and the opposite is for the Mega Ball, with numbers from 1 to 25. Some states additionally give gamers the choice of paying extra for various choices that enhance payouts or give individuals further units of numbers. Folks can choose their very own numbers — and a few play the identical numbers every time — however most gamers go for the short choose possibility, which lets a pc generate random numbers. Mega Tens of millions holds drawings twice per week, at 11 p.m. EDT on Tuesday and Fridays, telecast from a tv studio in Atlanta. The numbers are additionally shortly posted on the sport’s web site. How a lot would I win? Loads, however possible lots lower than you would possibly assume. First, that is as a result of the marketed jackpot of $977 million is for a sole winner who’s paid by an annuity, with an preliminary cost after which annual checks for 29 years. Practically all winners truly desire a money payout, which for Friday night time’s drawing can be an estimated $461 million — lower than half the quantity splashed throughout billboards and in neon adverts at comfort shops.
Earlier than forking over the cash, lottery officers additionally would deduct 24% for federal taxes. The ultimate tax invoice might in the end be increased although, as a number of the winnings may very well be topic to the highest federal tax bracket of 37%. State taxes additionally may very well be assessed, relying on the place a participant purchased the successful ticket. There is also an opportunity that multiple particular person will purchase a successful ticket — as in 2016, when there have been three successful tickets for a $1.6 billion lottery jackpot. Regardless of the jackpot quantity, it may very well be divvied into smaller prizes.
So what are the percentages? Specializing in the quantity of a jackpot prize misses the higher level — that you simply virtually actually is not going to win. The chances of successful the Mega Tens of millions jackpot are 1 in 302.6 million, and it is these low odds that allow the sport to trundle alongside with no winner for months. If the percentages have been higher, individuals would win jackpots extra often, so the highest prizes would not develop so massive — and entice so many individuals to play. The truth is, Mega Tens of millions lengthened its odds in 2019 with a purpose to create larger jackpots. Throughout the present stretch, there hasn’t been a jackpot winner since Dec. 8, 2023. That is 29 consecutive drawings with out somebody matching all of the numbers.
That stated, lottery officers be aware there have been tens of millions of successful tickets throughout that span, with prizes starting from $2 to $1 million. The important thing, they are saying, is to play for enjoyable and take an opportunity to dream a bit of, however not with an expectation of getting wealthy. And naturally, finally somebody will win the jackpot. Who runs the video games? Mega Tens of millions and Powerball, the opposite huge lottery recreation, are run individually however each are overseen by state lotteries. Mega Tens of millions is performed in 45 states in addition to Washington, D.C., and the U.S. Virgin Islands. Powerball additionally operates in 45 states plus Washington, D.C., Puerto Rico and the U.S. Virgin Islands. The video games do not function in Alabama, Alaska, Hawaii, Nevada or Utah. Each of the video games increase cash for the jurisdictions the place they function together with income from different lottery video games, comparable to scratch tickets. Some states shift the cash into their normal funds whereas others use it for particular functions, comparable to funding faculty scholarships or state parks.