What to do if you win the $1.6 billion Mega Millions jackpot

25 October, 2018, 05:46 | Author: Darnell Patrick
  • Powerball prize grows to $620 million after Mega Millions payoff reaches record $1.6 billion

Why play solo, when your odds of hitting the jackpot are a measly 1 in 302,575,350?

The Mega Millions and Powerball jackpots total more than $2 billion, and a lot of money is up for grabs.

And speaking of Powerball: That game's next drawing is Wednesday, for an estimated jackpot of $620 million.

Of every dollar played in the Kentucky Lottery, 61 cents goes to the victor, 6 cents to administrative costs, 6 cents to retailers who sell the tickets and 27 cents to the commonwealth for college scholarship and grant programs.

Watch the Mega Millions drawing live Tuesday night on NewsCenter 16 at 11. The drawing will take place Tuesday night.

The top prize for Tuesday night's Mega Millions drawing will be the largest lottery jackpot in USA history. Almost every victor opts for cash, which is the amount of money the lottery folks actually have in the bank ready to pay out to the company that would fund the annuity. The odds are low, about one in 300 million.

Can you buy online from Mega Millions?

My advice to all of you prospective lottery winners remains the same as it was in 2016: If you win, decline the up-front cash and take the annuity. Players have 365 days after the date of a drawing to claim prizes.

Tickets sold for today's drawing are expected to cover 75 per cent of all possible number combinations, he said. The odds of winning the top prize was approximately 1 in 258 million. It is 1 in 292,201,338.

But that $1.586 billion prize - payable in annual installments over 30 years - came with an up-front cash option of $983 million.

In fact, it turns out that lottery officials tweaked things to make it even tougher to win and ramp up the prize money fearing that the relatively modest but more frequent prizes in the $100 million range was resulting in "jackpot fatigue".

John Crow is the man who calls out the Mega Millions numbers. If it seems like these astronomical numbers are happening more frequently, it's because they are. For the others, the state takes a bite, especially in NY, where a victor would need to pay a state tax of 8.8 percent.

States have generally reported increased Mega Millions and Powerball sales since the change.



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