'The prize was doubled to $2,000,000 when the 2X Megaplier was drawn.' Friday's $1 billion drawing was the second-largest jackpot in the history of Mega Millions. Someone in Michigan bought the. Mega Millions prizes can reach great amounts. In fact, the largest Mega Millions jackpot was an astounding $1.537 billion, which was won in October 2018.
- Mega Millions Prizes Breakdown
- Mega Millions Prizes Nj
- Mega Millions Prizes Rows
- Lottery Calculator Payout
The Megaplier is an add-on you can opt in to when purchasing a ticket for the standard Mega Millions drawing. It costs an additional $1 per line to play, and can increase non-jackpot amounts to up to five times their starting value.
Just before each drawing, the Megaplier number is randomly selected, applying either a 2x, 3x, 4x, or 5x multiplier for all winners who opted to play. The Megaplier is the same for all players, and is available in all participating states except California.
See the How to Play page for more information about the Megaplier. The table below shows how this add-on can increase the value of prizes:
|$1 million||$2 million||$3 million||$4 million||$5 million|
1 + Mega Ball
|Odds of Being Drawn||N/A||1 in 3||1 in 2.5||1 in 5||1 in 15|
Just the Jackpot
You can also choose to play for the Mega Millions jackpot alone, foregoing the chance to win any other prizes. It costs less than a standard line to play Just the Jackpot - $3 for two lines, rather than the usual $4 – but means that you must match all five main balls and the Mega Ball to win. You won't be eligible for any other prizes if you play Just the Jackpot.
Cash vs Annuity
If you win the jackpot, you have the option of receiving your winnings as either a cash lump sum, or an annuity payment.
The annuity option entitles you to the full advertised jackpot amount before tax, paid in 30 instalments over 29 years. The first payment would be made immediately, with each subsequent payment increasing by 5%.
The benefits of annuity payments are that you receive the full jackpot amount - as opposed to a reduced cash value - and you have the security of receiving a steady income for the foreseeable future.
However, you also have the option to receive the jackpot as a one-off cash lump sum, though the value of a lump sum payout is always less than it would be for the annuity option. This is because the cash prize represents the actual funds in the jackpot pool at the time of the draw, where the annuity value is based on the lottery’s expected return from investing the cash sum over 29 years. The annuity sum is guaranteed to the player and they receive the full amount even if the lottery makes investments that do not achieve the expected return.
Many players have chosen the lump sum over annuity payments, despite the lower overall value, because if they invest their winnings correctly, their return on investment could be higher than 5% per year – leading them to be better off in the long term.
If an annuity winner dies before receiving all of their payments, the money transfers to their estate or to a beneficiary designated by them. Different states have different rules on whether the estate receives annual payments or the balance of the award; check with your state lottery for more information.
All prizes must be claimed in the state where the tickets were purchased. Each state has its own rules about when and how winnings must be claimed; it is your responsibility to come forward before your ticket expires, and through the correct channels. Visit the How to Claim page for more information.
Winning tickets must be checked and validated by the lottery operator in the state where the ticket was bought, or by an agent of the operator, such as a licensed retailer, before prizes can be paid out. If you do win a large lottery prize or jackpot, you will be liable for federal taxation in the US, regardless of whether or you're a resident or citizen. This is set at a rate depending on your total annual income, plus the size of your winnings. The lottery makes an immediate 25 percent federal withholding on winnings of more than $5,000, and most states levy a local withholding, although there are ten which do not.
Below are the tax withholdings by state, although certain other factors – such as residency – could affect these. For further advice, consult a professional financial advisor.
|U.S Virgin Islands||0%|
You win Mega Millions prizes by matching the numbers you pick to the numbers drawn in the game, and there are nine different prizes on offer. You can win $2 for correctly predicting just the Mega Ball, right up to the jackpot for matching all five main numbers plus the Mega Ball. The top prize has a minimum value of $40 million and it will increase every time it is not won.
There is no limit to how long the jackpot can roll over or how high it can go, which means the top prize can regularly run into hundreds of millions of dollars. If more than one ticket holder scoops the jackpot, the prize is shared equally by all the winners.
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Mega Millions Prize Tiers and Odds of Winning
To win the jackpot, you need to match five numbers between 1-70 and one Mega Ball from 1-25. The overall odds of winning a prize are 1 in 24. All of the prize tiers offer fixed amounts apart from the jackpot. A full breakdown of the odds and the prizes for each tier can be found in the table below:
|Match||Odds of Winning||Estimated Prize Fund (US$)|
|5 + Mega Ball||1 in 302,575,350||Jackpot|
|5||1 in 12,607,306||$1 million|
|4 + Mega Ball||1 in 931,001||$10,000|
|4||1 in 38,792||$500.00|
|3 + Mega Ball||1 in 14,547||$200.00|
|2 + Mega Ball||1 in 693||$10.00|
|3||1 in 606||$10.00|
|1 + Mega Ball||1 in 89||$4.00|
|Mega Ball||1 in 36||$2.00|
The Megaplier option gives you the chance to boost the value of any non-jackpot prizes you win. It is available for an extra fee alongside the main Mega Millions game in all jurisdictions except California. If you have selected the Megaplier, your prize will be multiplied by 2x, 3x, 4x or 5x, giving you the chance to win up to $5 million without even winning the jackpot.
The following table shows how the value of your prize will be increased if you add the Megaplier to your ticket, depending on which multiplier is selected.
|5 + Mega Ball||Jackpot||Jackpot||Jackpot||Jackpot|
|5||$2 million||$3 million||$4 million||$5 million|
|4 + Mega Ball||$20,000||$30,000||$40,000||$50,000|
|3 + Mega Ball||$400||$600||$800||$1,000|
|2 + Mega Ball||$20||$30||$40||$50|
|1 + Mega Ball||$8||$12||$16||$20|
|0 + Mega Ball||$4||$6||$8||$10|
The odds for each Megaplier appearing are as follows:
|2x||1 in 3|
|3x||1 in 2.5|
|4x||1 in 5|
|5x||1 in 15|
How to Claim Prizes
You can buy Mega Millions tickets from any participating state, even if you’re not a resident, but you must claim any prize you win in the same state that you bought your ticket. There is a deadline for claiming Mega Millions prizes and it varies by state. In New Mexico, for example, prizes expire after just 90 days, whereas several states give players up to a year to come forward.
The claims process is different depending on where you play, but generally you will be able to collect any amount up to $599 from a licensed lottery retailer. For prizes of $600 or more you will need to visit a regional claim centre or state lottery headquarters, or claim by mail. If you win a Mega Millions jackpot, you should contact the relevant lottery headquarters to make arrangements.
Annuity or Lump Sum
If you win a Mega Millions jackpot, you have the option to take the money as an annuity or as a lump sum. If you take the annuity option you will receive the full advertised jackpot amount in 30 payments. The first payment will be made immediately after your winning ticket has been validated, and you will receive a further payment every year for 29 years. Over the term of the annuity, the remaining money is stored in government bonds, and as part of your annual payment you receive any interest those investments earn.
When you take the cash lump sum, you receive the value of the jackpot at the time of the draw. This will always work out as less than the annuity option as it doesn’t include the interest that an annuity accrues. The jackpot advertised prior to a draw will always be the estimated annuity value and will always be a pre-tax amount.
Depending on where you play Mega Millions, you are unlikely to have to pay tax on winnings below $5,000, but you must still report your winnings on a federal tax form. For prizes above $5,000, you will be taxed at least 24% at a federal level (37% if you win the jackpot) and state taxes will also be taken in the locations that levy them. California, Florida, New Hampshire, South Dakota, Tennessee, Texas, the U.S. Virgin Islands, Washington State and Wyoming do not have a state tax on lottery winnings.
Mega Millions Prizes Breakdown
Some other locations, such as New York City, levy an additional local tax on residents, which can include lottery winnings. How much tax you will have to pay can depend on your personal circumstances, so it is always prudent to seek the help of a financial advisor in the event of any big wins.
Mega Millions Prizes Nj
Biggest Mega Millions Winners
Three tickets shared the largest Mega Millions jackpot ever won - $656 million – on 30th March 2012. Merle and Patricia Butler from Red Bud in Illinois claimed one of the winning tickets, while another went to a syndicate of three work colleagues from Milford Mill in Maryland who called themselves ‘The Three Amigos’. A player from Kansas, who decided to stay anonymous, collected the remaining third of the jackpot.
Mega Millions Prizes Rows
A jackpot of $648 million was split between two players in December 2013, as Ira Curry from Georgia and California’s Steve Tran each picked up $324 million. The biggest jackpot won by a single ticket was $543 million, which was claimed on 24th July 2018 by a pool of 11 office workers from California. A famous year for big jackpots in 2018 also saw Richard Wahl from New Jersey land $533 million in March.
Lottery Calculator Payout
A new Mega Millions jackpot record was set on 23rd October 2018 when one player from South Carolina landed a prize worth a staggering $1.53 billion. It set a new record for the biggest lottery jackpot ever won by a single ticket holder, and was just short of the world record $1.58 billion Powerball jackpot from January 2016. The prize had a cash value of $848 million.