By SCOTT McFETRIDGE (Associated Press)
The winning numbers for an almost $1 billion Mega Millions lottery prize will be selected Friday night, offering sudden wealth to any fortunate player who matches them and likely disappointment for everyone else.
Because three months have passed without a winner, the Mega Millions jackpot has grown to an estimated $977 million. This large prize shows the very low likelihood of winning the jackpot, as the longer the time without a winner, the more the prize increases.
The jackpot is the 10th largest in U.S. lottery history — about half the size of a record $2.04 billion Powerball prize won in November 2022.
Players can purchase tickets for $2 and choose six numbers from separate groups. Five of the choices come from one group, with different numbers from 1 to 70, and the other is for the Mega Ball, with numbers from 1 to 25. Some states also offer players the choice of paying extra for different options that increase payouts or provide additional sets of numbers.
Individuals can select their own numbers — and some use the same numbers each time — but most players go for the quick pick option, which allows a computer to generate random numbers.
Mega Millions holds drawings twice a week, at 11 p.m. EDT on Tuesday and Fridays, broadcast from a television studio in Atlanta. The numbers are also promptly posted on the game’s website.
A lot, but probably a lot less than you might expect.
First, that’s because the advertised jackpot of $977 million is for a sole winner who is paid through an annuity, with an initial payment and then annual checks for 29 years. Almost all winners actually prefer a cash payout, which for Friday night’s drawing would be an estimated $461 million — less than half the number highlighted on billboards and in neon ads at convenience stores.
Before handing over the money, lottery officials would also subtract 24% for federal taxes. The final tax bill could ultimately be higher though, as some of the winnings could be subject to the top federal tax bracket of 37%. State taxes may also be applied, depending on where a player purchased the winning ticket.
There is also a possibility that more than one person will buy a winning ticket — as in 2016, when there were three winning tickets for a $1.6 billion lottery jackpot. Regardless of the jackpot amount, it could be divided into smaller prizes.
Concentrating on the amount of a jackpot prize overlooks the more important point — that you almost certainly will not win.
The chances of winning the Mega Millions jackpot are 1 in 302.6 million, and it’s those low odds that allow the game to continue without a winner for months. If the odds were better, people would win jackpots more often, so the top prizes wouldn’t grow so large — and attract so many people to play. In fact, Mega Millions lengthened its odds in 2019 to create bigger jackpots.
During the current period, there has not been a jackpot winner since Dec. 8, 2023. That’s 29 consecutive drawings without someone matching all the numbers.
However, lottery officials point out that there have been millions of winning tickets during that time, with prizes ranging from $2 to $1 million. They suggest that the key is to play for enjoyment and take a risk to dream a little, but not with the anticipation of becoming wealthy.
And obviously, at some point, someone will win the big prize.
Mega Millions and Powerball, the other major lottery game, are operated independently but both are supervised by state lotteries. Mega Millions is available in 45 states as well as Washington, D.C., and the U.S. Virgin Islands. Powerball is also played in 45 states, along with Washington, D.C., Puerto Rico and the U.S. Virgin Islands.
The games are not available in Alabama, Alaska, Hawaii, Nevada or Utah.
Both games generate revenue for the areas where they are available, in addition to profits from other lottery games like scratch tickets. Some states allocate the money to their general funds while others use it for specific purposes, such as supporting college scholarships or state parks.
