Epic Win: $1.58 Billion Mega Millions Jackpot Smashed on Tuesday Night
The largest Mega Millions jackpot in history was won on Tuesday night by someone who won an estimated $1.58 billion.
The Mega Ball was 14, and the winning numbers were 13, 19, 20, 32, and 33. The winning ticket, according to Mega Millions, was purchased in Florida.
The winner has two options: receive annual installments through an annuity with payments spread over 30 years or more, or a lump-sum cash option of $783.3 million, which jackpot winners frequently pick. To make the greatest use of their prize money, experts advise winners to speak with financial consultants and solicitors.
Due to the IRS’s classification of lottery winnings as regular income, lottery winners often owe taxes in the highest brackets, which range from 35% to 37%.
The Mega Millions jackpot had rolled over in 31 straight drawings prior to Tuesday. The most recent significant prize of $20 million, according to Mega Millions, was drawn on April 18.
The greatest Mega Millions jackpot won before Tuesday’s record win was $1.537 billion, which occurred in October 2018. However, a Powerball jackpot ticket for $2.04 billion in November was the largest lottery payout in recent memory.
Experts observe that as lottery corporations have decreased the likelihood of winning, $1 billion jackpots are occurring more frequently.
According to information on the Mega Millions website, the game’s regulations were modified in 2017, increasing the initial jackpot from $15 million to $40 million and hiking the cost of tickets from $1 to $2. According to a story from The Washington Post, this has increased the odds of winning the top reward from 1 in 258,890,850 to 1 in 302,575,350. The greatest Mega Millions jackpot at the time was a divided $656 million reward awarded in 2012. Mega Millions claims to have generated five prizes over $1 billion since the 2017 adjustments.
When the Mega Millions jackpot last exceeded $1 billion, an investment firm won a $1.348 billion ($723.5 million cash) payout in January.
45 states, Washington, D.C., and the group of U.S. Virgin Islands all sell tickets. Each entry fee is $2. For an additional $1, players can add a Megaplier to increase their non-jackpot rewards in the majority of jurisdictions.
On Tuesday and Friday nights at 11 p.m. Eastern time, the drawing takes place. On Tuesday and Friday, that is 10 p.m. local time in Atlanta.