Prize money topped $1 billion this week, marking just the third time the jackpot has topped that mark in the game’s two-decade history. The game’s current jackpot is nearly as large as the record amounts won in 2018 and 2021. In those years, players whose ticket numbers matched the numbers drawn by Mega Millions administrators took home about $1.05 billion and $1.5 billion. The current jackpot streak started in April. Friday night saw some very close calls during Tuesday’s most recent draw. Mega Millions said nine people nearly won the jackpot, which at the time stood at $830 million, but was slightly short as their tickets had the first five winning numbers without the sixth and final Mega Ball figure. Another 156 people had purchased tickets with the correct Mega Ball number, but only four of the first five, according to the drawing. One winner from the first group and three dozen from the second bought their tickets with the game’s Megaplier feature — guaranteeing a bigger prize for additional cost per ticket — that boosted their respective prizes to $3 million from $1 million and $30,000 from $10,000. In the wake of the drawing, Mega Millions reported an “unprecedented” increase in traffic to its website, where people can enter for a chance to win the next one. The lottery said an overload of visitors crashed the website on Tuesday night. “We look forward to the growing jackpot,” Pat McDonald, chief executive officer of the Mega Millions Consortium and director of the Ohio Lottery, said in a statement released ahead of Friday’s billion-dollar drawing. “Seeing the jackpot build over months and reach the billion dollar mark is breathtaking. We encourage customers to keep the game in balance and enjoy the ride. Someone will win.” The odds of securing this year’s Mega Millions payout are slim, and the lottery recently issued a warning to players urging them to be aware of scammers who want to fraudulently collect cash disguised as official Mega Millions representatives who relay news of a fake win over the phone. text message or email and request rewards from targets in return. But for people who legitimately hold winning tickets, fraud protection is one reason some financial advisors have suggested remaining anonymous when claiming their winnings. This is only possible in a few US states, as the majority require lottery participants to publicly reveal their identity once they win. There are additional laws in some places that allow lottery winners to claim their prizes through legal entities, such as trusts, that own assets, but most states require anyone with a winning Mega Millions ticket to disclose their personal information to the signature of the check. Along with possible options regarding anonymity when claiming prizes, players who win the Mega Millions jackpot can decide whether to collect the money in installments or all at once. Lottery participants who choose to pay will receive this amount in annual payments over approximately 30 years, so the majority choose the immediate cash payment option. The decision will likely depend on a number of personal factors for each winner, including their age, their current financial situation and how they will collect their money from beneficiaries, if needed. A significant portion of the winnings will go toward federal taxes either way, but individual state laws regarding lottery prizes and how they’re taxed, if not, could also make a financial prize formula look more favorable. .
