Topline
The Mega Millions jackpot rose to $900 million after no winners were called in Friday’s drawing, nearing the $1 billion mark and making it the eighth-highest jackpot on record.
Florida Mega Millions logo is seen in Key West, United States on May 7, 2024. (Photo by Jakub Porzycki/NurPhoto via Getty Images)
NurPhoto via Getty Images
Key Facts
The six tickets drawn Friday night were 16, 21, 23, 48, 70 and gold Mega Ball 5.
If a winner emerges in the next draw, they will have a choice between taking the $900 million prize spread over 30 annual installments or a lump sum cash payout of $415.3 billion—the preferred option for most winners.
If the winner picks the cash prize, their winnings will first drop to around $315.6 million after a mandatory federal withholding of 24% is applied.
The winner would likely face a federal marginal rate as high as 37%, depending on their taxable income, further reducing the winnings to around $261.7 million.
If the installment route is chosen, the winner’s annual payments of around $30 million would fall to $18.9 million after the 37% federal marginal rate and 24% federal withholding is applied.
Depending on their home state, the winner could face additional taxes as some states, such as New York, tax lottery winnings at 10.9%, while others, such as Texas, Florida and California, don’t.
Big Number
1 in 290,472,336. Those are the astronomical odds a Mega Millions ticket buyer will need to overcome to win the jackpot, a slight improvement on the competition’s previous odds of 1 in 302.5 million. Earlier this year, Mega Millions implemented major changes that also enhanced the odds of winning both the jackpot and smaller prizes.
What To Watch For
The next Mega Millions drawing is scheduled for Tuesday at 11 p.m. EST. The next Powerball drawing is Saturday night. The Powerball jackpot is estimated at $467 million or a $218.1 million cash prize.
Key Background
The Mega Millions jackpot is the third highest since a winner in Florida won a record $1.6 billion in August 2023 and the eighth highest since the game began in 2002. A New Jersey winner won $1.1 billion in March 2024 and a California winner won $1.3 billion in December 2024. The current jackpot has been growing since it was last won in Virginia on June 27.
Further Reading
Mega Millions Jackpot Rises To $843 Million—Here’s How Much The Winner Could Take Home After Taxes (Forbes)
