The Next Mega Millions Lottery Draw Is On Friday & The Record Jackpot Is Over $1B

If you want to become a billionaire without actually doing the work, you might want to splash out $2 for a shot at one of the largest Mega Millions lottery jackpots in U.S. history.

This Friday's Mega Millions draw will give players a chance to win a whopping $1.025 billion, the third-highest sum ever offered, according to a statement by Mega Millions.

It's only the third time that the Mega Millions jackpot has topped $1 billion in its 20-year history, and it comes after Tuesday's draw for $810 million failed to produce a winner.

There's no guaranteeing that someone will win this time, and if this string of luck continues, we might see an even bigger prize next week.

But if somebody does win, they'll have the option to take home $602.5 million in cash after the mandatory 24% federal tax withholding has been deducted, CNBC reports.

The other option for the winner is to take an annuity, which would give them an extra $144.6 million. However, you have to take that amount in payments spread out over 30 years.

However, taxes aren't the only thing that will lessen your winning amount, Rob Burnette, a financial and investment adviser from Outlook Financial Center, said to USA Today.

You should also watch out for scammers, friends and family who may also have it out for your money.

"Don't shout your win from the rooftop," Burnette advised. "If you're lucky enough to win the lottery, keep it quiet. Get organized and make a plan. Consider staying anonymous if it's a possibility."

Although Mega Millions is a U.S. lottery, that doesn't mean you need to be an American to play. According to the official Mega Millions rules, you simply need to be in the U.S. to buy a ticket for the draw.

In other words, Canadians, Mexicans and other foreign tourists can also take a shot at the big prize.

The largest Mega Millions jackpot — and the second-largest lottery prize in history — was $1.537 billion, and it went to a South Carolina winner on October 23, 2018.

The second-highest Mega Million jackpot prize was $1.050 billion, which was won in Michigan on January 22, 2021.

The Ohio Lottery Director Pat McDonald says they "look with anticipation on the growing jackpot."

"Seeing the jackpot build over a period of months and reaching the billion-dollar mark is truly breathtaking," McDonald said in a statement from Mega Millions. "We encourage customers to keep play in balance and enjoy the ride. Someone is going to win."

The winning numbers will be drawn at 11 p.m. ET on Friday night.

If you or someone you know is struggling with problem gambling, refer to these helplines across Canada. Support is available.