The Mega Millions jackpot has reached the largest prize in game history, $1.58 billion, for Tuesday night's drawing.
While the jackpot is the largest for the Mega Millions, the amount ranks as the third-largest jackpot ever, following a $2.04 billion Powerball lottery that was won in 2022.
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Here is everything to know about the massive Mega Millions jackpot for those interested in drawing the lucky numbers.
How much is the Mega Millions worth?
Tuesday’s jackpot soared to $1.58 billion, as announced by Mega Millions. In 2018, a Mega Millions winner won $1.537 billion in South Carolina.
When do drawings occur?
Lottery drawings happen every Tuesday and Friday at 11:00 p.m., and the Mega Millions is played in 45 states, along with Washington, D.C., and the U.S. Virgin Islands.
How are winners paid out?
Victors can choose to receive their payment as an annuity or a lump sum.
The lump sum option is the path most winners take and is a one-time payment of the jackpot. The IRS then takes a major cut of the earnings, requiring a mandatory 24% withholding for funds over $5,000. Winners must pay taxes on their victory, depending on which state they reside in.
Winners who select the annuity option will have their winnings paid out over 30 payments over 29 years, with the disbursement increasing at a rate of 5% per year. Taxes need to be paid out throughout the distortion period, and rates can vary over the years.
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How can I participate?
Those who are feeling lucky can buy a ticket to play in the Mega Millions for $2. Tickets can be purchased at participating convenience stores, gas stations, and grocery stores. Players pick five numbers from 1 to 70 and one Mega Ball number from 1 to 25 and listen in to find out if they're winners. To win the grand prize, a ticket must match all six winning numbers called in the drawing.
“It’s entertaining for our players, and all of us, to see the Mega Millions jackpot roll to what looks like an all-time game record,” Georgia Lottery President and CEO Gretchen Corbin, lead director of the Mega Millions Consortium, said in a press release encouraging everyone to play responsibly.