UPDATE: The Mega Millions jackpot has skyrocketed to $965 million after no tickets matched the winning numbers drawn on Tuesday night. This makes it the second-largest lottery prize of the year, with the next drawing set for Friday, November 14, 2023.
The drawn numbers were 10, 13, 40, 42, 46, and the Mega Ball 1. With no winners this round, the jackpot has surged by $65 million since it was reported at $900 million just yesterday. If no one wins on Friday, the jackpot could easily eclipse $1 billion, igniting excitement among players nationwide.
Meanwhile, the Powerball jackpot stands at $512 million and will be drawn on Wednesday night. The odds of winning the Mega Millions jackpot are currently 1 in 290.4 million, slightly improved from the previous odds of 1 in 302.5 million. These updates follow recent changes aimed at enhancing players’ chances of winning.
“This is a thrilling time for lottery players. The excitement builds with each draw,” said a lottery official.
Historically, the largest Mega Millions jackpot reached an astonishing $1.602 billion, won on August 8, 2023, in Neptune Beach, Florida. The winning ticket, purchased at a Publix supermarket, resulted in a cash payout of $794.2 million.
If someone wins the upcoming drawing, they will have two options: receive the entire $965 million as 30 annual payments or choose a one-time cash payout of $445.3 million. Most winners opt for the lump sum, but this choice comes with consequences. After the mandatory 24% federal tax withholding, the cash payout drops to approximately $338.4 million.
Depending on their total taxable income, winners could face a federal marginal tax rate of up to 37%, potentially reducing their take-home amount to around $280.5 million. For those choosing the installment option, the annual payments of about $32.16 million would net around $20.26 million after taxes.
State taxes also play a significant role in winnings. For instance, New York taxes lottery earnings at 10.9%, which significantly impacts the final amount received by the winner. Regardless of the payment method, becoming a multi-millionaire is a life-changing event.
Stay tuned for updates as the drawing approaches. With millions on the line, anticipation is building—who will be the next lucky winner?