The Mega Millions jackpot continues to climb, reaching an estimated $843 million for Friday’s drawing after no one won the big prize Tuesday night.
The eighth largest payout in the game’s history would go to a sole winner who opts for the annuity option, doled out over 30 years. Most people usually prefer a lump sum option, which for Friday’s jackpot would be an estimated $391.7 million.
The prize is also subject to taxes, which includes an automatic withholding tax of 24% levied against the winnings, and another 13% in federal taxes when you file your 2024 return.
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There’s also state taxes in some jurisdictions, which range from 2.9% to 10.9% depending on the state you live in. But if you’re lucky enough to live in California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington or Wyoming, you won’t pay income in your winnings.
The jackpot has been gradually building for months thanks to 38 straight drawings without a jackpot winner. It’s the longest streak without a jackpot winner since the game began in 2002.
Lottery jackpots grow so large because the odds of winning are so small. For Mega Millions, players have a 1 in 290 million chance of taking home the top prize.
Mega Millions drawings are held on Tuesdays and Fridays at 11 p.m. ET. The game is played in 45 states, Washington, D.C., and the U.S. Virgin Islands. Tickets are $5 per game.
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