Friday night's Mega Millions drawing allows participants to compete for a gigantic prize worth over $1 billion.
Friday night's Mega Millions drawing allows participants to compete for a gigantic prize worth over $1 billion.

Mega Millions Jackpot Reaches Nearly $1 Billion

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Friday night’s Mega Millions drawing allows players to compete for a massive jackpot of nearly $1 billion, marking it the 10th largest lottery prize in U.S. history. 

The significant sum has been accumulating for over three months, enticing participants with the chance to win a life-changing payout.

Annuity vs. Lump Sum:

The jackpot prize, amounting to $977 million, can be claimed through two options: an annuity distributed over 30 years or a lump sum payment. Opting for the lump sum would yield an estimated $461 million. 

However, both options are subject to taxation, including automatic withholding, federal taxes, and potential state taxes based on residency.

With 29 consecutive drawings without a jackpot winner, the odds of securing the Mega Millions top prize stand at 1 in 302.6 million. 

Such large jackpots are rare, as evidenced by only six instances in the game’s 22-year history, with five surpassing the $1 billion mark.

Impact of Interest Rates on Jackpot Frequency:

The recent surge in lottery jackpots exceeding $1 billion can be attributed to higher interest rates, facilitating larger annuity payouts over time. 

With the Federal Reserve implementing multiple rate hikes in recent months, the advertised lump sum prize of around $500 million can be effectively doubled due to increased interest rates.

Mega Millions: Widely Played Across States:

Mega Millions is a famous lottery game played in 45 states, Washington, D.C., and the U.S. Virgin Islands. Participants can purchase tickets for $2 each. 

Drawings happen every Tuesday and Friday at 11 p.m. EST, generating widespread anticipation and excitement among players nationwide.

Joshua Skate

Joshua Skate is a prominent contributor at Insider Los Angeles, known for his vibrant storytelling and deep dive into the city's culture, trends, and hidden gems. His pieces bring to life the unique spirit and diversity of Los Angeles, making him a go-to source for all things LA.

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