The Mega Millions jackpot has reached an estimated $1.25 billion, the fourth-largest prize in the lottery’s history. The next drawing will be held on Friday, August 4, at 11 p.m. ET.
There have been no jackpot winners since April, so the prize has been steadily growing. The previous record was set in January 2021, when a jackpot of $1.537 billion was won.
If you win the Mega Millions jackpot, you will have the option to take the prize in a lump sum or in annual payments. The lump sum option is currently worth $625.3 million.
In addition to the jackpot, there are also other prizes available in Mega Millions. If you match five numbers without the Mega Ball, you will win $1 million. And if you match five numbers and the Mega Ball, you will win $2 million.
To play Mega Millions, you must choose five numbers from 1 to 70 and one Mega Ball number from 1 to 25. Tickets cost $2 each.
The odds of winning the Mega Millions jackpot are 1 in 302.5 million. However, the odds of winning any prize are 1 in 24.
If you do win the Mega Millions jackpot, you will need to claim your prize within 60 days of the drawing. You can claim your prize at any lottery office in the United States.
What happens when you win millions?
If you win millions of dollars in the lottery, there are a few things you need to do. First, you will need to claim your prize. This can be done at any lottery office in the United States.
Once you have claimed your prize, you will need to pay taxes on it. Lottery winnings are considered wages by the government, so you will need to pay federal and state income taxes on your winnings.
You will also need to decide how you want to receive your prize. You can either take the prize in a lump sum or in annual payments. The lump sum option is usually worth less than the annual payments, but you will receive the money all at once.
If you win millions of dollars, you will need to be careful with your money. It is important to create a budget and to invest your money wisely. You should also seek financial advice from a qualified professional.
Winning the lottery can be a life-changing event. However, it is important to be prepared for the financial and emotional challenges that come with winning a large sum of money.