As of December 27th, the jackpot for the “Mega Millions” lottery in the United States has soared to $1.15 billion, making it the 5th largest jackpot in the history of the lottery. The last drawing on Christmas Eve did not produce a jackpot winner, leading many people to eagerly anticipate the next drawing.
The winning numbers for the $1.15 billion Mega Millions jackpot will be drawn at 11 p.m. Eastern Time on Friday, December 27th. Tickets are available for purchase at convenience stores, gas stations, and grocery stores across the country, with select states offering online ticket sales.
Johnston, the Chief Executive Officer of the Mega Millions Consortium, stated in a release on the 25th, “We know that many people may receive lottery tickets as holiday gifts for Friday’s drawing. Imagine receiving a ticket that wins the $1.15 billion jackpot – what a fantastic gift that would be.”
The Mega Millions, also known as the “Big Millions,” is a lottery game in the United States with a basic rule of purchasing a ticket for just $2. Each ticket consists of 6 numbers, players select 5 main numbers from 1 to 70 and a Mega Ball number from 1 to 25. Matching all 6 numbers results in hitting the jackpot.
Additionally, players have the option to spend an additional $1 for the “Megaplier” feature which can multiply winnings by 2, 3, 4, or 5 depending on the level of the prize won. It is important to note that the “Megaplier” feature does not apply to the jackpot prize.
2024 has been a year with fewer jackpot winners compared to previous years, with only three jackpot winners so far. The most recent winner was in Texas on September 10th, where a lucky player won a $552 million jackpot. In March, a lottery player in New Jersey claimed the $1.13 billion Mega Millions jackpot, choosing to receive a lump sum of $537.5 million after taxes.
Winners of the jackpot have the option to receive the prize as a lump sum after taxes or in annual installments over 30 years, totaling $1.15 billion. Although most winners opt for the lump sum payment, the annuity option has its advantages, such as reducing tax liabilities and providing a stable income.
Taxes are a significant issue that winners must address after the initial excitement of winning. Generally, if lottery winnings exceed $5,000, all states automatically withhold 24% for federal taxes. Federal tax rates can increase to the highest bracket of 37% after receiving a large lump sum jackpot. State tax rates vary widely – New York winners are subject to an 8.8% state tax, with an additional 3.9% tax in New York City, while some states like California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming do not tax lottery winnings.
After purchasing a lottery ticket, some may find themselves already contemplating the headache of how to handle the jackpot if they win.
The Mega Millions Consortium has announced that starting from April 2025, the price of a Mega Millions ticket will increase from $2 to $5. Changes in the gameplay will also result in higher chances of winning and larger prize pools.
Lastly, it is important to note that according to CNBC data, the odds of winning the Mega Millions jackpot are 302,575,350 to 1, which is less than one in three hundred million.