The two most popular lottery games in the US, Mega Millions and Powerball, frequently transform lives. Someone will soon have the chance to personally benefit from such remarkable good fortune by winning a prize that is currently worth approximately $1 billion.
On January 3, 2023, a cashier at a convenience store in Timonium, Maryland, updates the Mega Millions jackpot. For the game’s drawing on January 6, the anticipated Mega Millions prize is $940 million. (Photo: AP)
For the 23rd straight drawing, the Mega Millions jackpot eluded players on Tuesday night. No ticket had the winning combination of the gold Mega Ball 18 and the numbers 25, 29, 33, 41, and 44.
For the Mega Millions drawing on Friday, the jackpot remains unclaimed. The anticipated prize for the drawing on January 6 is $940 million, including a one-time cash value of $483.5 million, according to lottery officials.
The cash amount is the value of the rolled-over tickets purchased during the jackpot’s dry spell. About 75 cents of every $2 ticket purchased goes toward the jackpot. The remaining 35 cents are used to fund non-jackpot rewards, with approximately 90 cents going to state lotteries to manage the game and retailer commissions.
Wonderful Lottery The year 2022 was a successful one for the lottery sector. Two jackpots totaling more than $1 billion were won in the same year for the first time.
In November, a ticket purchased in California was the winner of a record-breaking $2.04 billion Powerball payout. Less than four months after a lucky Illinois player won $1.337 billion in the Mega Millions lottery, the biggest lottery jackpot in US history was awarded.
Two players honored their handshake agreement to split the cash if they won the Mega Millions jackpot in Illinois by redeeming it. The winning Powerball ticket hasn’t been used yet. California lottery winners have 180 days from the winning draw date to claim their winnings.
The Mega Millions drawing on Friday had a jackpot of $940 million ($483.5 million in cash), which places it fifth all-time. The first version of Mega Millions was “The Big Game” in 1996, and the gold Mega Ball was referred to as the “Big Money Ball” at that time.
Before adopting its present name in 2002, Mega Millions was formerly known as “The Big Game Mega Millions.”
There have only been three jackpots bigger than Friday’s projected payout in the more than 20 years since the game’s inception in 2002, according to a Mega Millions statement.
The highest jackpot in Mega Millions was a $1.537 billion reward won in October 2018 by a South Carolina player. Along with the $1.337 billion jackpot victory from the previous year, the other 10-digit Mega Millions jackpot of $1.050 billion was won in January 2021 by a Michigan ticket.
Lottery Hysteria
The holidays are over and the new year is here, which means many are setting goals for 2023. Financial-based ambitions are common at this time of the year, and that could keep interest high in the nation’s two leading lottery products.
Mega Millions has experienced robust play over the past week. The jackpot ballooned by $120 million between the game’s December 27 and December 30 drawings. Sales remained strong between the Friday and Tuesday drawings, with the jackpot increasing by $100 million for Tuesday night’s drawing.
At $940 million, the cash payout of approximately $483.5 million would be reduced to $304.6 million after federal taxes. The haul would then be subject to a state tax, except in California, Delaware, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. Those states don’t classify lottery winnings as personal income, and therefore don’t subject such winnings to tax.
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