Mega Millions Lottery Jackpot Surpasses $600 Million: Here’s When Next Drawing Will Be

by Madison Miller
Photo by: Drew Angerer/Getty Images

There is no better time to buy a lottery ticket. Not only have times been tough for a lot of individuals during the COVID-19 pandemic, but the Mega Millions Lottery Jackpot is at one of its highest amounts ever.

Mega Millions Jackpot

Right now, the Mega Millions Jackpot surpassed $600 million.

For reference, George Clooney and Robert De Niro are estimated to have net-worths of $500 million.

The Mega Millions drawing will be held on Tuesday after Friday night’s drawing had no matching ticket. The drawing on Tuesday will be the 8th-largest jackpot in lottery history. There is a possibility that there could be more than one winning ticket, which would mean the total would be split.

Also, most people choose the cash option rather than an annuity. This would mean federal taxes would take 24% of the earnings, making the actual total closer to $442.4 million instead.

Another 13% would then go toward the IRS during tax filings in April 2022. This is because the top marginal income rate is currently 37%.

Even with taxes taken out, that lump of cash is more than life-changing.

Other Options, Past Wins

The odds of the life-changing cash, however, are so low it’s hard to even dream up that level of victory. The odds are currently calculated to be 1 in 302 million. For reference, the odds of being eaten by a shark are about 1 in 11.5 million, just for a bit of reference.

Sadly, your odds of being killed by a vending machine (1 in 112 million) are higher. But someone has to win.

Other options are the Powerball, which is at $470 million. This drawing will take place on Saturday night. These odds are 1 in 292 million.

The odds of winning something if you do both, however, bring you up just a fraction closer to millions of dollars.

The highest prize ever won was in 2016. It was a $1.586 billion cash prize. Three people won the Powerball prize, each roughly getting $533 million before taxes as an annuity or $327.8 million as the lump-sum payment.

H/T: Popculture, CNBC