July 28, 2023
Mega Millions is one of the most played lottery jackpot games in the United States, creating instant millionaires every few days. This time, it seems like the lottery game is en route to creating its newest billionaire after Tuesday night's draw (July 25) registered no jackpot winner. The anticipated Mega Millions jackpot is now at $910 million ahead of the high-stakes drawing on Friday, July 28, at 11:00 p.m. ET.
It's to be noted that Mega Millions has only exceeded the $1 billion mark four times in history. The most recent milestone was recorded in January 2023 after the game reached $1.35 billion. According to the lottery operator, this was the second-highest jackpot in Mega Million's history.
The lucky player to hit all six numbers will become the newest multi-millionaire. Last week, Powerball, another leading lottery game in the United States, recorded a $1.08 billion jackpot winner after a lucky player from California matched all six numbers.
If the Friday draw creates a jackpot winner, they will have two options to receive the prize:
The federal government withholds 24% of the Mega Millions jackpot before claiming any winnings. All lottery winnings above $5,000 have a 24% statutory upfront that goes to the Internal Revenue Service. This withholding automatically reduces your win by more than $111.4 million if you choose the lump sum option.
According to John Loyd, a certified financial planner in Texas, United States, the lump sum option may be preferable because you can optimize the reward by investing the funds sooner. But in either case, you must have a plan, realizing the money can quickly run out, Loyd advised. Thankfully, most regulated lottery operators provide players with financial advice after winning the life-changing sum.
Most experts advise lottery players to work with certified financial planners to make wise decisions. But before you start planning, you'll have to beat massive odds of 1 in 302 million to win the Mega Millions jackpot.
Clara "LottoLore" Williams, a Kiwi with a zest for numbers and narratives, dives deep into the thrilling world of lotteries. As a leading writer for LottoRank, her pieces resonate with enthusiasts, offering a harmonious blend of data, history, and human interest.