Mega Millions Jackpot Reaches Record-Breaking $1 Billion: Your Chance to Become a Billionaire in Just One Draw!

Larry Lease
The massive $1.1 billion prize is for a winner who takes an annuity option, paid out in 30 annual payments.Photo byErik McleanonUnsplash

The Mega Millions lottery drawing on Tuesday has reached a record-breaking jackpot of over $1 billion, making it the third-largest prize in the game's history and the fifth-largest in U.S. lottery history. This has led to a surge in ticket sales.

NBC 5 says the prize, which is worth $1.1 billion for those who opt for the annuity option (30 annual payments), is the largest in Mega Millions history. However, most players choose the cash option, which for Tuesday's drawing would be $568.7 million, with about one-third of that amount going towards federal taxes and potentially more for state taxes, depending on the location of the winner.

The drawing is scheduled for 11 p.m. EST, though it typically takes a few hours to determine if there is a winner. The jackpot has been growing since October 14th, when two tickets matched all six numbers and split the $494 million prize. Since then, there have been 24 consecutive drawings without a jackpot winner, allowing the grand prize to continue growing week after week.

NBC 5 reports that despite the massive size of the prize, the odds of winning are still just one in 302.5 million. While it is possible to buy all 302.5 million possible number combinations at $2 a ticket, doing so would cost $600 million and would require a team of people to coordinate the purchase and payment. Despite the odds, someone will inevitably win the jackpot.

It is worth mentioning that the current record for Mega Millions is $1.536 billion, sold in October 2018, and that Tuesday's jackpot will be the nation's fifth-biggest lottery prize overall. Powerball holds the U.S. record for a jackpot worth $2.04 billion which won by a California resident on Nov 8, 2022. Mega Millions is played in 45 states, Washington D.C. and the U.S. Virgin Islands and is overseen by state lottery officials.

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I specialize in crime, entertainment and political stories. I have spent eight years as a freelance writer and journalist.

Dallas, TX

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