The Mega Millions Is At $640M & Here's What You'll Actually Take Home In Cash
Most people choose the one-time lump sum cash option. 💰
A Mega Millions ticket.
The Mega Millions is a $2 lottery where you can win a top Jackpot prize by matching numbers on a ticket. The results are held twice a week and in order to get the ultimate dollar amount, every single number must match those drawn.
Not one person in the U.S. participating won the reward on Tuesday, so the price increased to $640 million, which will be drawn on Friday.
Typically, winners choose the lump sum of cash option, rather than getting it in increments over a 30-year period of time. However, the cash option isn't nearly as much as the annuity prize. In fact, it's basically split in half at $328.3 million.
The cash option is based on the cash from the prize pool — in other words, the money that was in the tickets sold.
And on top of that large amount, 24% in federal taxes is also a factor to discount the price, as well. The money shaven off each amount also depends on the state you live in. California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming do not tax gambling earnings.
When is the next drawing for Mega Millions?
The Mega Millions drawings are on Tuesdays and Fridays at 11 p.m. You can find the drawings on live television on your local ABC channel or you can head to their official website.
The current next drawing at the time of this publication will be on December 30.
How many matches do you need to win Mega Millions?
To win the top reward, in this case, a $640 million annuity or a $328.3 million cash prize, you must match all six numbers, which are the five numbers generated and the Mega Ball.
You have opportunities to win smaller prizes if you only match a couple of numbers, as well.
What do you get for 2 numbers on Mega Millions?
If you don't win the jackpot prize, but you still matched a few of the five numbers listed or the Mega Ball number, you still have a chance to fluff up your bank account.
If you match the Mega Ball, you'll get your $2 back from the ticket. One number and a Mega Ball match are $4 and two numbers and a Mega Ball match are $10.
Three numbers without the Mega Ball are $10. Three numbers including the Mega Ball hikes up to $200.
Four numbers matched are $500. Four numbers and a Mega Ball matched are $10,000.
Five numbers matched is $1 million, and then of course all numbers matched is the jackpot.
Is Mega Millions or Powerball easier to win?
Powerball is easier to win because the lottery has better odds than Mega Millions. The odds for Powerball are 1 in 292,201,338 and the odds for Mega Millions are 1 in 302,575,350.
While it's still steep, its about a difference of 10,000,000 which can make a big impact.