Published: Mon, October 22, 2018
Business | By Pearl Harrison

Mega Millions jackpot soars to estimated $1 billion ahead of Friday's drawing

Mega Millions jackpot soars to estimated $1 billion ahead of Friday's drawing

The theory was that bigger jackpots would draw more attention, leading more players to plop down $2 for a Mega Millions or Powerball ticket. Virgin Islands. An entry into the drawing costs $1.

U.S. lottery winnings are taxable at the federal level, unlike in many other countries, while some states also impose local taxes. At its inception, only six states participated in drawings, but that number quickly grew. However, if they choose a longer annuity option, the prize will likely stretch over a billion dollars, and perhaps close to a billion and a half. Cut off times for new tickets vary throughout different states. But that's not a jackpot victor.

If a single ticket victor chooses the cash option for Tuesday's jackpot they'll walk away with a lump of about$904 million.

The present value used to derive the lump sum amount is based upon a conservative estimate of a return on investment. According to the official list of largest Mega Millions jackpots, three of the six top jackpot amounts have been awarded since the rules were changed past year.


The Mega Millions jackpot just hit $1 billion, the highest Mega Millions top prize ever. The jackpot could rise even more by then, depending on how many tickets sell over the next few days, Medenica said. Some were worth up to $1 million.

It is not yet known if there are any winning tickets.

While they came short, they join 13 other winners that could be awarded at least $1 million after matching five of six numbers (not the Mega Ball).

Here's what you should know before next week's Mega Millions drawing.

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