Mega Millions Jackpot: All you need to know

Mega Millions is a multijurisdictional lottery game that is available in 45 states, the District of Columbia, and the U.S. Virgin Islands as of January, 2023

Earlier it was known as The Big Game, was officially renamed from The Big Game in 1996 to The Big Game Mega Millions in 2006.

In 2002, there was the first Mega Millions (Big game) drawing. After changing the name from The Big Game, all versions of what is now Mega Millions had a gold ball with six stars to symbolize the game’s inaugural membership, however some lotteries put their individual logos in the ball. The game was initially offered in six states.

Mega Million Drawing

The minimum Mega Millions advertised jackpot is $40 million under the current regulations (which came into effect on October 28, 2017, with the first drawing taking place on October 31), and it is paid out in 30 graduated yearly installments that increase by 5% each year (unless the cash option is selected. If there is no top prize winner, the jackpot increases with value.

The prize is presented as a nominal value of yearly payments, as is common in American lotteries. When a jackpot winner selects the cash-value option (the standard option), it pays the approximate present value of the payments. The previous Mega Millions format started on October 19, 2013, and the first drawing followed three days later.

Every game is $2. Except for California, all of the 47 Mega Millions jurisdictions include a “Megaplier” option, which costs $3 each play and multiplies non-jackpot wins by 2, 3, 4, or 5. In January 2011, the Megaplier became an option for all Mega Millions jurisdictions; initially, it was only offered in Texas. A few of the players in the game provide the Just the Jackpot option, which costs $3 for two plays. No lower tier prizes are available on such a wager; the only prize that can be won is the jackpot.

The largest winning jackpot in Mega Millions history

The largest winning jackpot in Mega Millions history was $1.537 billion, for the October 23, 2018, drawing, in which a single winning jackpot ticket was sold in South Carolina. The winner anonymously claimed the prize in March 2019.

A brief history of Mega Million

On August 31, 1996, Georgia, Illinois, Maryland, Massachusetts, Michigan, and Virginia total six states started selling tickets for The Big Game. Following conversations about a multistate game with the directors of the Georgia Lottery and the Virginia Lottery, Rebecca Paul and Penelope W. Kyle, the Michigan Lottery Commissioner Bill Martin and Illinois Lottery Director Desiree Rogers created and designed The Big Game. At first, a Friday drawing was held each week for The Big Game.

The Big Game Became Mega Millions

On May 15, 2002, when the game was renamed The Big Game Mega Millions while keeping the previous name and the original “gold ball” emblem, Ohio and New York joined The Big Game consortium. The “Mega Ball” replaced the “Big Money Ball.” The yellow ball on the new Mega Millions design, despite the game’s name change, still read “The Big Game” until February 2003. Thereafter, it was replaced with six stars to signify the original consortium members. Two days later, on May 17, the first (The Big Game) Mega Millions drawing took place.

How to buy tickets

Tickets for the Mega Millions can be purchased from any of the participating states for $2. However, prizes can only be collected from the state where the ticket was purchased. Players must return back to the appropriate state to accept their prizes because they cannot be claimed from elsewhere. Players can still enter even if they don’t live in a participating state because they are not need to be residents of a specific state or citizens of the United States to play.

As long as the players are at least 18 years old, tickets can be purchased in most states. The states of Arizona, Iowa, and Louisiana, where ticket holders must be at least 21, and Nebraska, where it is available to individuals who are at least 19 years old, are the exceptions to this regulation.

Unclaimed Prize

Since 2002, three Mega Millions jackpots have gone unclaimed. In December 2002, a $68 million jackpot in New York went unclaimed. In April 2003, a $46 million top prize went unclaimed in Brooklyn, New York. In Queens, New York, in August 2006, the owner of a winning ticket for $31 million likewise chose not to accept their award.

Claiming Prizes

The timeline winners have to claim a Mega Millions reward can range from 90 days to a year, depending on the state. Below table contains an entire list. Players should always sign the back of their tickets after purchasing them from a store, and keep them in a safe place. Most jurisdictions allow winners to pick up wins up to $599 from any authorized merchant. Jackpots are handled by state lottery offices, whereas prizes over this amount are often redeemed through lottery claim centers.

Paying Taxes on jackpot

Any Mega Millions winnings must be reported on an income tax form, and all earnings exceeding $5,000 are subject to a federal tax of 25%. In most cases, winnings under $5,000 are tax-free, although state taxes may additionally need to be paid depending on the winner’s location. The below table shows the tax rate that must be paid in each state. However, a qualified financial advisor should be consulted for more guidance.

Current Mega Million Member states.

Please find out total states member along with jackpot winners there have been in each participating state since the beginning of Mega Millions using the table below.

*Californian players have 180 days for all other prizes and one year from the date of the draw to submit a claim for the jackpot reward.