Published: Fri, October 19, 2018
Money | By Arnold Ball

Record jackpots for LOTTO MAX, U.S. Mega Millions

Record jackpots for LOTTO MAX, U.S. Mega Millions

The Mega Millions drawing will be held Friday from Atlanta at 11.00 pm Eastern Time, 10.00 pm Central Time, 8.00 pm Pacific Time. Their first decision is whether to take the cash option, which would now be $548 million, or an annuity, with one initial payment and annual installments over 29 years. Of course, you'll have to overcome long odds to claim the top prize.

Mega Millions isn't the only large lottery prize up for grabs this week; the Powerball jackpot grew to a cool $430 million with a drawing on Saturday.

While this insane total is easily enough to make it the highest Mega Millions jackpot ever, it would not be the biggest lottery grand prize in USA history.

The odds of winning the Mega Millions jackpot is one out of 302 million. While there was no jackpot victor in Tuesday night's drawing, IL players won more than 198,700 prizes, ranging from $2 to $10,000.

The jackpot has been rolling every drawing since July 27, when it started at $40 million.

Remember, the state lottery folks give winners 180 days to claim their winnings.

Lottery officials are happy to have Friday's record Mega Millions jackpot fueling ticket sales.

The jackpot goes to a victor who matches the five numbers and the Powerball number. As of Thursday afternoon, the Mega Millions jackpot stood at just under $1 billion - $970 million, to be precise.

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Since Mega Millions modified the formula, players now pick five numbers from 1 to 70 and a Mega number of 1 to 25. Tuesday's winning numbers were 3, 45, 49, 61, 69, and 9.

State lottery commissions have relied on human psychology and the spirit of optimism to fuel sales.

For those putting money together and buying tickets with co-workers in an office pool, a financial adviser has some directions.

He calls these gamblers "infrequent players", and their participation helps boost jackpots to historic levels, he said.

Mega Millions drawings take place every Tuesday and Friday.

Mega Millions is in "uncharted territory", Medenica said, and the lotteries' financial models can not predict what will happen. On Wednesday, the jackpot was bumped from $868 million to $900 million.

This can get complicated, but for the most part winners pay taxes where they bought the ticket and then can get a credit on their taxes in their home state.

KDKA money editor Jon Delano admits he nearly never buys lottery tickets.

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