Powerball And Mega Millions Jackpots Near Records: Here Are The Biggest Lottery Jackpots Of All Time
The Mega Millions jackpot jumped to a whopping $977 million this week, just outpacing another major Powerball jackpot, making the two games’ jackpots two of the biggest of all time, though they’re well behind these other massive grand prizes.
With a nearly $700 million Powerball jackpot and the Mega Millions jackpot close to $1 billion, the ... [+]
The Powerball jackpot climbed to $687 Monday night, after no tickets matched all five numbers and the so-called powerball needed to win the grand prize, though the lucky winner would only take home a fraction of that amount after federal taxes are removed.
That jackpot is now the 18th biggest lottery jackpot in U.S. history and the 12th biggest Powerball jackpot ever, while the $977 million Mega Millions jackpot is the sixth biggest in the game’s history, and the 10th biggest overall.
All 10 of the biggest jackpots in U.S. history have come since 2016, following a pair of rules changes in the Mega Millions and Powerball aimed at worsening the odds of winning the grand prize while opening the door for smaller winnings.
The odds of winning the Mega Millions stand at an abysmal one in 302.6 million, while the odds of winning the Powerball are roughly one in 292.2 million.
Among the four winning ticket holders whose numbers won them over $1 billion last year, those contestants have taken drastically different routes after winning the lottery. The Maine man who won a $1.35 billion Mega Millions jackpot later sued the mother of his child for allegedly violating a nondisclosure agreement about the winnings, while the winner of a $1.08 billion Powerball jackpot won in California has not yet claimed their prize. Theodorus Struyck, who claimed the $1.77 billion Powerball jackpot last October, was only identified publicly by the California state lottery last week.
The $687 million Powerball drawing is slated for 11 p.m. ET Wednesday night, with a $327.3 million cash value, though a lucky contestant who matches all six numbers needed to win would take home even less after federal taxes are withheld. If a winner opts for a cash lump sum over a second option for 30 annual installments, they would face a mandatory 24% federal tax withholding, before a federal marginal rate of up to 37% brings their winnings to as low as $206.2 million. Under the installment route, a full 37% cut would bring the winner’s yearly payments to $14.4 million.