A LUCKY lottery player has scooped the Mega Millions jackpot in the latest draw.
Lottery officials are now on the hunt for the anonymous winner who is now a multi-millionaire.
On Friday night, the jackpot was a whopping $348 million with a cash option of $155.5 million.
Players are urged to check their tickets for the magic winning numbers.
It is not yet known exactly where the ticket was purchased but it was won by a player in Virginia.
Friday’s win is the state’s 11th Mega Millions jackpot scoop.
It is just shy of being the game’s biggest prize of the year with one player winning $349 million on March 25.
Friday’s top prize had rolled over for months after it was last claimed by a player in Ohio who won $112 million.
Now, the jackpot has reverted back to $50 million ahead of the next draw on July 1.
Anyone who bought a slip for Friday’s game needs to look out for the following winning numbers: 18, 21, 29, 42, 50, and Megaball 2.
The winner of the staggering prize will have matched all of these numbers exactly.
They beat the odds of one in 290 million to win the jackpot.
However, a key decision made by the winner once they come forward could see them immediately lose more than half of the prize.
After winning such a large prize, they must decide if they want their winnings as a lump sum or in annual instalments.
But if they go for the lump sum, they will only take home about $115.5 million as they pay all taxes and fees upfront rather than on each instalment.
The Inland Revenue Service takes a 24% cut of winnings that are larger than $5,000.
Lottery winnings: lump sum or annuity?
Players who win big on lottery tickets typically have a choice to make: lump sum or annuity?
The two payout methods can impact how much money you get from your prize.
Annuities pay out slowly in increments, often over 30 years.
Lump sums pay all at once but in a smaller amount, as taxes are withheld in one go. That means 24% of your prize goes to Uncle Sam right away. Many states tax winnings as well.
Annuities can provide winners time to set up the financial infrastructure required to take in a life-changing amount of money, but lump sums have the benefit of being taxed only once.
Inflation is also worth considering when making a choice, as payouts do not adjust with the value of a dollar. That means that you’ll likely be getting less valuable money towards the end of an annuity.
Each state and game pays out prizes differently, so it’s best to check with your state’s lottery to confirm payment policies. A financial advisor can also help you weigh the pros and cons of each option.
Experts have varying opinions on whether to take the lump sum or take the annuity.
Another thing the winner needs to consider is timing.
From the moment the numbers were drawn, the clock started counting down on how long they have to claim the whopping win.
In Virginia, lottery players have 180 days to stake their claim so there is still plenty of time.
Officials warn that to keep your winnings safe you must sign the back of your ticket as lottery slips are bearer instruments meaning anyone who has it in their possession can claim the winnings if unsigned.
The next drawing will be held on Tuesday at 11pm.
Meanwhile, two lottery players risk losing their $1 million prizes with just days left until their winning tickets become worthless.
Top lottery winners in the US
Millions dream of winning the lottery and finding fame and fortune. These are the biggest winners in US lottery history.
Edwin Castro – $2.04 billion, Powerball, Nov. 8, 2022, in California. Theodorus Struyck – $1.765 billion, Powerball, Oct. 11, 2023, in California. Unknown winner – $1.602 billion, Mega Millions, Aug. 8, 2023, in Florida. Marvin and Mae Acosta from Los Angeles, California, John and Lisa Robinson from Munford, Tennessee, and Maureen Smith and David Kaltschmidt from Melbourne Beach, Florida – $1.586 billion, Powerball, Jan. 13, 2016. Unknown winner – $1.537 billion, Mega Millions, Oct. 23, 2018, from South Carolina. Unknown winner – he sued the mother of his child to keep his identity hidden – $1.348 billion, Mega Millions, Jan. 13, 2023, from Maine. Unknown winner – $1.337 billion, Mega Millions, July 29, 2022, from Illinois. Cheng and Duanpen Saephan, and Laiza Liem Chao – $1.326 billion, Powerball, April 7, 2024, from Oregon. Rosemary Casarotti – $1.22 billion, Mega Millions, December 27 2024, from California Unknown winner – $1.13 billion, Mega Millions, March 26, from New Jersey Read More Details
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