The jackpot of the Mega Millions lottery has been growing for more than three months, and it is estimated that there is a one in 302.6 million chance of winning it. The last winner of Mega Millions won $20 million. If all the numbers come out right, this would be the fourth largest lottery prize ever won in the U.S. The jackpot is worth an estimated $1 billion. There are other jackpots, including Powerball, Xtra, and the Mega Millions.
Lottery sales and free press are two of the main reasons for super-sized jackpots. While the chances of winning a super-sized jackpot are higher, these jackpots are also harder to win. This increases the chances of a carryover jackpot and raises stakes for lottery players. It also keeps the jackpot larger longer and increases the interest in the lottery. The more jackpots are won, the more people will play. As a result, the jackpot is more likely to grow.
The cash equivalent of an $810 million annuitized jackpot is $470.1 million. A 24% federal tax withholding would reduce the total by $112.8 million. The top federal marginal tax rate is 37%. A winner of an annuitized jackpot would lose $61.1 million in taxes and have $296.6 million left over. This is a significant amount of money to win, but it could change the course of someone’s life.