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$1.55 Billion Jackpot: Largest Mega Millions Prize in History Set for Tuesday's Drawing

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 $1.55 Billion Jackpot: Largest Mega Millions Prize in History Set for Tuesday's Drawing

Robert Miller

Yesterday evening, the Mega Millions lottery, spanning multiple states, once again failed to yield a top winner for the 31st consecutive draw. In response, the lottery officials have decided to escalate the jackpot for the game to an unprecedented $1.55 billion – a historic peak in the 27-year history of the game.

For the fortunate winner who opts for the cash alternative, an impressive sum of $757.2 million will be provided upfront – a staggering three-quarters of a billion dollars in cold, hard cash!

This scenario encapsulates the very essence of a lottery player's aspirations – clutching a ticket for an upcoming Mega Millions drawing that carries the potential to reshape one's life in myriad ways.

Faced with the choice, one must contemplate between the annuity, initiating with a $23.3 million payment and gradually escalating annually until reaching a climactic payment of $96 million in the 29th year, and the alternate choice of an immediate lump-sum payment amounting to $757.2 million.

To assess the tax implications of this decision on a state-by-state basis, individuals can turn to the Jackpot Analysis page on USA Mega, a dedicated platform for the Powerball and Mega Millions multi-state lottery games. This feature not only computes the initial withholdings but also the ultimate tax responsibility at the year's end, extending to different IRS filing statuses.

The monumental heap of riches is set to find its rightful owner on Tuesday night at 11:00 pm Eastern Time (8:00 pm Pacific).

The Mega Millions jackpot for Tuesday, totaling $1.55 billion, ranks as the third-largest lottery jackpot worldwide across all games in history. Furthermore, the lump-sum cash value of $757.2 million ranks as the sixth-largest amount ever recorded (see comprehensive list below).

The present surge in the jackpot commenced on April 21, commencing as a $20 million grand prize. Over three months have elapsed since Mega Millions last celebrated a jackpot victor.

Anticipated ticket purchases in the days leading up to the draw could potentially propel the jackpot to even loftier heights before the Tuesday drawing commences. In the event of such an augmentation, Lottery Post and USA Mega will furnish real-time updates on the displayed jackpot tallies.

During the most recent Mega Millions drawing on Friday night, a jackpot winner remained elusive. Nonetheless, nine fortunate participants managed to match the first five numbers, securing a $1,000,000 reward. Among them, one hailed from Louisiana, Michigan, Missouri, Nebraska, New York, Oklahoma, and two from Tennessee, with an additional entrant from Texas.

Two of the second-prize laureates, originating from Michigan and Tennessee, chose the Megaplier option for an additional $1 per entry, effectively magnifying their awards to $2 million due to the Megaplier number drawn being 2.

Regrettably, the Megaplier choice is unavailable in California, due to the incongruity between the fixed nature of the Megaplier's prize augmentation and California's pari-mutuel payouts. By law, California allocates all lottery prizes on a pari-mutuel basis, resulting in prize variations with each drawing, depending on ticket sales and the number of winners at each prize tier.

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A collective total of 128 tickets successfully matched four of the first five numbers as well as the Mega Ball, securing a $10,000 bonus. Among these tickets, 24 were purchased with the Megaplier option, augmenting the prize to $20,000. In California, where 20 tickets were sold, the designated prize for this drawing stands at $10,030.

The winning numbers for the Mega Millions draw on Friday, August 4, 2023, were 11, 30, 45, 52, and 56, with a Mega Ball number of 20. The Megaplier number drawn was 2.

Comprehensive payout details and the official drawing video for Friday's event can be accessed through USA Mega's Mega Millions Drawing Detail page, as well as the Mega Millions Prize Payouts page on Lottery Post.

In the aftermath of the Friday drawing, the estimated annuity jackpot for Mega Millions was raised by $200 million from its previous sum of $1.35 billion. The cash value also experienced an uptick of $97.7 million, up from its preceding amount of $659.5 million.

Each Mega Millions ticket commands a fee of $2. For an additional dollar per ticket, participants can select the Megaplier option, multiplying any non-jackpot winnings by up to five times, contingent on the Megaplier number drawn during the event.

Mega Millions is presently available for purchase in 45 states, along with Washington, D.C., and the U.S. Virgin Islands. Drawings transpire on Tuesdays and Fridays at 11:00 pm Eastern Time.

Individuals on the lookout for the nearest authorized lottery retailer, or perhaps seeking a store with shorter queues, are encouraged to use the Lottery Places app, which is freely accessible for iOS, Android, and Windows platforms. This app aids in locating lottery vendors within each Mega Millions state, even allowing cross-border searches – a feature not typically available through official state lottery platforms.

Several states offer direct online sales, enabling participants to procure tickets from the comfort of their homes, bypassing physical stores. States facilitating online sales include Michigan (Mega Millions and Powerball), Minnesota (Mega Millions and Powerball), Oregon (Mega Millions and Powerball), Texas (Mega Millions and Powerball), and Virginia (Mega Millions and Powerball). It's important to note that some of these links may only be functional for residents of the aforementioned states.

For international players, reliable butler services are available, providing secure retention of purchased lottery tickets through scanned copies, on behalf of the customer. This service has previously facilitated overseas individuals in securing substantial jackpots in Oregon and Florida.

Top 25 United States lottery jackpots of all time

Friday's Mega Millions jackpot currently stands as the 3rd-largest lottery jackpot of all time, and the largest Mega Millions jackpot ever. Brisk sales may push the jackpot estimate higher by draw time.

If nobody wins Tuesday, it's anyone's guess how high it will go.

  1. Powerball: $2.0401 billion, Nov. 7, 2022 (40 rollovers, starting at $20 million) - California
  2. Powerball: $1.5864 billion, Jan. 13, 2016 (19 rollovers, starting at $40 million) - California, Florida, Tennessee
  3. Mega Millions: $1.55 billion, Aug. 8, 2023 (31 rollovers, starting at $20 million) - Preliminary estimate, not won yet
  4. Mega Millions: $1.537 billion, Oct. 23, 2018 (25 rollovers, starting at $40 million) - South Carolina
  5. Mega Millions: $1.348 billion, Jan. 13, 2023 (25 rollovers, starting at $20 million) - Maine
  6. Mega Millions: $1.337 billion, Jul. 29, 2022 (29 rollovers, starting at $20 million) - Illinois
  7. Powerball: $1.0798 billion, Jul. 19, 2023 (38 rollovers, starting at $20 million) - California
  8. Mega Millions: $1.05 billion, Jan. 22, 2021 (36 rollovers, starting at $20 million) - Michigan
  9. Powerball: $768.4 million, Mar. 27, 2019 (25 rollovers, starting at $40 million) - Wisconsin
  10. Powerball: $758.7 million, Aug. 23, 2017 (20 rollovers, starting at $40 million) - Massachusetts
  11. Powerball: $754.6 million, Feb. 6, 2023 (33 rollovers, starting at $20 million) - Washington
  12. Powerball: $731.1 million, Jan. 20, 2021 (35 rollovers, starting at $20 million) - Maryland
  13. Powerball: $699.8 million, Oct. 4, 2021 (40 rollovers, starting at $20 million) - California
  14. Powerball: $687.8 million, Oct. 27, 2018 (21 rollovers, starting at $40 million) - Iowa, New York
  15. Mega Millions: $656 million, Mar. 30, 2012 (18 rollovers, starting at $12 million) - Illinois, Kansas, Maryland
  16. Mega Millions: $648 million, Dec. 17, 2013 (21 rollovers, starting at $12 million) - California, Georgia
  17. Powerball: $632.6 million, Jan 5, 2022 (39 rollovers, starting at $20 million) - California, Wisconsin
  18. Powerball: $590.5 million, May 18, 2013 (13 rollovers, starting at $40 million) - Florida
  19. Powerball: $587.5 million, Nov. 28, 2012 (15 rollovers, starting at $40 million) - Arizona, Missouri
  20. Powerball: $564.1 million, Feb. 11, 2015 (20 rollovers, starting at $40 million) - North Carolina, Puerto Rico, Texas
  21. Powerball: $559.7 million, Jan. 6, 2018 (20 rollovers, starting at $40 million) - New Hampshire
  22. Mega Millions: $543 million, Jul. 24, 2018 (22 rollovers, starting at $40 million) - California
  23. Mega Millions: $536 million, Jul. 8, 2016 (34 rollovers, starting at $15 million) - Indiana
  24. Mega Millions: $533 million, Mar. 30, 2018 (23 rollovers, starting at $40 million) - New Jersey
  25. Mega Millions: $522 million, Jun. 7, 2019 (24 rollovers, starting at $40 million) - California

For those keeping score, the number of jackpots in the top 25, by lottery game, are:

  • Powerball: 14
  • Mega Millions: 11

Top 25 cash value jackpots

Since many lottery winners collect their winnings in cash, the lump-sum payout is an important measure of what a winning ticket could be worth.

Looking at the cash value, the upcoming Mega Millions jackpot ranks as the 6th-largest cash value in U.S. history.

  1. Powerball: $997.6 million cash, Nov. 7, 2022 ($2.0401 billion annuity) - California
  2. Powerball: $983.5 million cash, Jan. 13, 2016 ($1.5864 billion annuity) - California, Florida, Tennessee
  3. Mega Millions: $877.8 million cash, Oct. 23, 2018 ($1.537 billion annuity) - South Carolina
  4. Mega Millions: $780.5 million cash, Jul. 29, 2022 ($1.337 billion annuity) - Illinois
  5. Mega Millions: $776.6 million cash, Jan. 22, 2021 ($1.05 billion annuity) - Michigan
  6. Mega Millions: $757.2 million cash, Aug. 8, 2023 ($1.55 billion annuity) - Preliminary estimate, not won yet
  7. Mega Millions: $723.5 million cash, Jan. 13, 2023 ($1.348 billion annuity) - Maine
  8. Powerball: $558.1 million cash, Jul. 19, 2023 ($1.0798 billion annuity) - California
  9. Powerball: $546.8 million cash, Jan. 20, 2021 ($731.1 million annuity) - Maryland
  10. Powerball: $496 million cash, Oct. 4, 2021 ($699.8 million annuity) - California
  11. Powerball: $480.5 million cash, Aug. 23, 2017 ($758.7 million annuity) - Massachusetts
  12. Powerball: $477 million cash, Mar. 27, 2019 ($768.4 million annuity) - Wisconsin
  13. Mega Millions: $471 million cash, Mar. 30, 2012 ($656 million annuity) - Illinois, Kansas, Maryland
  14. Powerball: $450.2 million cash, Jan. 5, 2022 ($632.6 million annuity) - California, Wisconsin
  15. Powerball: $407.2 million cash, Feb. 6, 2023 ($754.6 million annuity) - Washington
  16. Powerball: $396.2 million cash, Oct. 27, 2018 ($687.8 million annuity) - Iowa, New York
  17. Powerball: $384.7 million cash, Nov. 28, 2012 ($587.5 million annuity) - Arizona, Missouri
  18. Powerball: $381.1 million cash, Feb. 11, 2015 ($564.1 million annuity) - North Carolina, Puerto Rico, Texas
  19. Mega Millions: $378 million cash, Jul. 8, 2016 ($536 million annuity) - Indiana
  20. Powerball: $370.9 million cash, May 18, 2013 ($590.5 million annuity) - Florida
  21. Powerball: $352 million cash, Jan. 6, 2018 ($559.7 million annuity) - New Hampshire
  22. Mega Millions: $349.3 million cash, May 21, 2021 ($516 million annuity) - Pennsylvania
  23. Mega Millions: $347.6 million cash, Dec. 17, 2013 ($648 million annuity) - California, Georgia
  24. Powerball: $341.7 million cash, Jul. 30, 2016 ($487 million annuity) - New Hampshire
  25. Mega Millions: $340 million cash, Jun. 7, 2019 ($522 million annuity) - California

The number of cash value jackpots in the top 25, by lottery game, are:

  • Powerball: 15
  • Mega Millions: 10
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