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Mega Millions ticket-buying frenzy forces new jackpot estimate

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Quick LinksYou last visited January 29, 2021, 2:20 am All times shown areEastern Time (GMT-5:00) RecommendLottery PostHome › Forums › Lottery News › Mega Millions ticket-buying frenzy forces new jackpot estimateRecommend ThisMega Millions: Mega Millions ticket-buying frenzy forces new jackpot estimateRating:Tonight’s Mega Millions jackpot is now $625 millionBy Todd NorthropAcross the United States, Mega Millions lottery tickets are being sold at such a rapid pace that lottery officials were forced to raise the jackpot estimate for the second time in two days.Just a day after the jackpot was raised to $615 million, the state lotteries have once again raised the official Mega Millions jackpot estimate for the Tue., Jan. 12, drawing to $625 million, with a lump-sum cash payout of $458.8 million.Players are strongly urged to avoid waiting until the last minute to buy their their tickets.The Tuesday Mega Millions winning numbers will be published at USA Mega (www.usamega.com) live as they are drawn. Lottery Post will also publish the winning numbers live — go to the state lottery results page for the drawing results.The drawing happens Friday night at 11:00 pm Eastern Time (8:00 pm Pacific Time).Lottery players can see an after-tax analysis of the current Mega Millions jackpot by visiting USA Mega’s Jackpot Analysis page.Players looking for the nearest official lottery retailer — or maybe just a different store without a long line — are urged to use the free Lottery Places app available for iOS, Android, and Windows. The app can find lottery stores in every Mega Millions state and can search across state lines — something even official state lotteries can’t do.Some states offer direct online sales too.  Michigan residents can bypass the store completely and buy Mega Millions tickets and Powerball tickets online.  Texas residents can buy Mega Millions tickets and Powerball tickets online too.  Oregon residents have options to buy Mega Millions tickets and Powerball tickets online as well.  Note that some of these links will only work properly for residents of the states mentioned.Players outside the USA can try their luck with a reputable butler service.Tuesday’s jackpot started at $20 million on September 18, and is the result of 33 drawings with no jackpot winner.When nobody won the jackpot on Friday night, the initial estimate for tonights’s drawing was established at $600 million. Monday, that estimate was raised to $615 million. And now, less than 24 hours after the last increase, the state lotteries have again raised the official estimate, this time to $625 million.Mega Millions jackpots start at $20 million and roll until the jackpot is won. (Before the 2020 pandemic, the starting jackpot amount was $40 million.)  Players win the jackpot by matching five numbers from a field of 70 numbers and one Mega Millions number from a field of 25 numbers. Drawings are conducted each Tuesday and Friday at 11:00 pm Eastern Time (8:00 Pacific Time).Combined with Wednesday night’s $550 million Powerball jackpot, players have $1.175 billion in lottery jackpots to play for this week.All information about game rules, past drawings, statistics, news, and more can be found at USA Mega (www.usamega.com).  The USA Mega Web site provides lottery players in-depth information about the United States’ two biggest multi-state lottery games, Mega Millions and Powerball.Mega Millions is currently offered for sale in 45 states, plus Washington, D.C. and the U.S. Virgin Islands. Tickets cost $2 each.Top 25 United States lottery jackpots of all timeTuesday’s Mega Millions jackpot currently stands as the 8th-largest lottery jackpot of all time in the United States.  That position may rise before the drawing, as lotteries are typically conservative in their initial estimates, and brisk sales may push the jackpot estimate higher by draw time.Powerball: $1.5864 billion, Jan. 13, 2016 (19 rollovers, starting at $40 million) – California, Florida, TennesseeMega Millions: $1.537 billion, Oct. 23, 2018 (25 rollovers, starting at $40 million) – South CarolinaPowerball: $768.4 million, Mar. 27, 2019 (25 rollovers, starting at $40 million) – WisconsinPowerball: $758.7 million, Aug. 23, 2017 (20 rollovers, starting at $40 million) – MassachusettsPowerball: $687.8 million, Oct. 27, 2018 (21 rollovers, starting at $40 million) – Iowa, New YorkMega Millions: $656 million, Mar. 30, 2012 (18 rollovers, starting at $12 million) – Illinois, Kansas, MarylandMega Millions: $636 million, Dec. 17, 2013 (21 rollovers, starting at $12 million) – California, GeorgiaMega Millions: $625 million, Jan. 12, 2021 (33 rollovers, starting at $20 million) – Preliminary estimate, not won yetPowerball: $590.5 million, May 18, 2013 (13 rollovers, starting at $40 million) – FloridaPowerball: $587.5 million, Nov. 28, 2012 (15 rollovers, starting at $40 million) – Arizona, MissouriPowerball: $564.1 million, Feb. 11, 2015 (20 rollovers, starting at $40 million) – North Carolina, Puerto Rico, TexasPowerball: $559.7 million, Jan. 6, 2018 (20 rollovers, starting at $40 million) – New HampshirePowerball: $550 million, Jan. 13, 2021 (33 rollovers, starting at $20 million) – Preliminary estimate, not won yetMega Millions: $543 million, Jul. 24, 2018 (22 rollovers, starting at $40 million) – CaliforniaMega Millions: $536 million, Jul. 8, 2016 (34 rollovers, starting at $15 million) – IndianaMega Millions: $533 million, Mar. 30, 2018 (23 rollovers, starting at $40 million) – New JerseyMega Millions: $522 million, Jun. 7, 2019 (24 rollovers, starting at $40 million) – CaliforniaPowerball: $487 million, Jul. 30, 2016 (23 rollovers, starting at $40 million) – New HampshirePowerball: $456.7 million, Mar. 17, 2018 (19 rollovers, starting at $15 million) – PennsylvaniaMega Millions: $451 million, Jan. 5, 2018 (23 rollovers, starting at $15 million) – FloridaPowerball: $448.4 million, Aug. 7, 2013 (12 rollovers, starting at $40 million) – Minnesota, New Jersey (2)Powerball: $447.8 million, Jun. 10, 2017 (19 rollovers, starting at $40 million) – CaliforniaPowerball: $435.3 million, Feb. 22, 2017 (18 rollovers, starting at $40 million) – IndianaPowerball: $429.6 million, May 7, 2016 (18 rollovers, starting at $40 million) – New JerseyPowerball: $425.3 million, Feb. 19, 2014 (15 rollovers, starting at $40 million) – CaliforniaFor those keeping score, the number of jackpots in the top 25, by lottery game, are:Powerball: 16Mega Millions: 9Top 25 cash value jackpotsSince many lottery winners collect their winnings in cash, the lump-sum payout is an important measure of what a winning ticket could be worth.Looking at the cash value, the upcoming Mega Millions jackpot ranks as the 6th-largest cash value in U.S. history.Powerball: $983.5 million cash, Jan. 13, 2016 ($1.5864 billion annuity) – California, Florida, TennesseeMega Millions: $877.8 million cash, Oct. 23, 2018 ($1.537 billion annuity) – South CarolinaPowerball: $480.5 million cash, Aug. 23, 2017 ($758.7 million annuity) – MassachusettsPowerball: $476.9 million cash, Mar. 27, 2019 ($768.4 million annuity) – WisconsinMega Millions: $471 million cash, Mar. 30, 2012 ($656 million annuity) – Illinois, Kansas, MarylandMega Millions: $458.8 million cash, Jan. 12, 2021 ($625 million annuity) – Preliminary estimate, not won yetPowerball: $411.4 million cash, Jan. 13, 2021 ($550 million annuity) – Preliminary estimate, not won yetPowerball: $396.2 million cash, Oct. 27, 2018 ($687.8 million annuity) – Iowa, New YorkPowerball: $384.7 million cash, Nov. 28, 2012 ($587.5 million annuity) – Arizona, MissouriPowerball: $381.1 million cash, Feb. 11, 2015 ($564.1 million annuity) – North Carolina, Puerto Rico, TexasMega Millions: $378 million cash, Jul. 8, 2016 ($536 million annuity) – IndianaPowerball: $370.9 million cash, May 18, 2013 ($590.5 million annuity) – FloridaPowerball: $352 million cash, Jan. 6, 2018 ($559.7 million annuity) – New HampshireMega Millions: $347.6 million cash, Dec. 17, 2013 ($636 million annuity) – California, GeorgiaMega Millions: $340 million cash, Jun. 7, 2019 ($522 million annuity) – CaliforniaPowerball: $336.8 million cash, Jul. 30, 2016 ($487 million annuity) – New HampshireMega Millions: $324 million cash, Mar. 30, 2018 ($533 million annuity) – New JerseyMega Millions: $320.5 million cash, Jul. 24, 2018 ($543 million annuity) – CaliforniaMega Millions: $319.9 million cash, Jun. 9, 2020 ($414 million annuity) – ArizonaPowerball: $284 million cash, May 7, 2016 ($429.6 million annuity) – New JerseyMega Millions: $281.9 million cash, Jan. 5, 2018 ($451 million annuity) – FloridaPowerball: $279.1 million cash, Jun. 10, 2017 ($447.8 million annuity) – CaliforniaPowerball: $276.5 million cash, Jan. 29, 2020 ($396.9 million annuity) – FloridaPowerball: $273.9 million cash, Mar. 17, 2018 ($456.7 million annuity) – PennsylvaniaPowerball: $263.5 million cash, Feb. 22, 2017 ($435.3 million annuity) – IndianaThe number of cash value jackpots in the top 25, by lottery game, are:Powerball: 15Mega Millions: 10Lottery Post StaffChasing $ Millions.White Shores- CaliforniaUnited StatesMember #136473December 12, 20126499 PostsOffline📄January 12, 2021, 12:26 pml love it, what can l say! Thanks for keeping us informed Chief! * Voice of Reason *    People who say it cannot be done should not interrupt those who are doing it- George Bernard Shaw.SimpsonvilleUnited StatesMember #163184January 22, 20152405 PostsOffline📄January 12, 2021, 1:23 pmQuote: Originally posted by on January 12, 2021l love it, what can l say! Thanks for keeping us informed Chief!   He does a wonderful job. Anybody up for $650 million tonight???   Still time.SimpsonvilleUnited StatesMember #163184January 22, 20152405 PostsOffline📄January 12, 2021, 1:32 pmQuote: Originally posted by on January 12, 2021If nobody wins tonight the Friday jackpot will be $750 million.Seems like the good old lottery days are here with us however temporarily.With all the chaos enjoying the media drawing attention to these two lotteries, something positive.United StatesMember #52343May 21, 20073339 PostsOffline📄January 12, 2021, 1:38 pmQuote: Originally posted by on January 12, 2021If nobody wins tonight the Friday jackpot will be $750 million.Chasing $ Millions.White Shores- CaliforniaUnited StatesMember #136473December 12, 20126499 PostsOffline📄January 12, 2021, 2:43 pmQuote: Originally posted by on January 12, 2021Seems like the good old lottery days are here with us however temporarily.With all the chaos enjoying the media drawing attention to these two lotteries, something positive.Exactly Jeff. With covid raging throughout the country & the world, this is our silver lining at the moment. Imagine if you will, you have lost a loved one close to you, friends taken ill & others who have lost their jobs, their homes. Then you win it, you could change lives in ways you couldn’t imagine. Grandma was right, she said ” You can’t take it with you.” Plus we told, ” there is more happiness in giving than in receiving.”Make it so! * Voice of Reason *    People who say it cannot be done should not interrupt those who are doing it- George Bernard Shaw.United StatesMember #197033March 28, 2019668 PostsOffline📄January 12, 2021, 2:45 pmQuote: Originally posted by on January 12, 2021… Sooper dooper top seekrit winning numbers: 5 16 17 24 33 52 …725 5th Av,New York,NY 10022United StatesMember #197346April 9, 20195690 PostsOffline📄January 12, 2021, 2:57 pm33 rollovers Let’s have trial by combat 😆New MemberMedfordUnited StatesMember #106240February 15, 201115 PostsOffline📄January 12, 2021, 3:45 pmI don’t understand, how do they come up with the cash amount you will get if you choose the option to get it all in 1 lump sum?What does it mean when it says how much tax will be taken out and then the “final tax” is more? Do they take more out than what the state tax actually is?AustinUnited StatesMember #191205July 21, 201884 PostsOffline📄January 12, 2021, 3:49 pmYou’re right, hope that several tickets win to help more families!  I have not been out of a job, so I can’t complain if I don’t win.  Too many families are on the brink. Just use it wiselyDMVUnited StatesMember #183847August 18, 2017292 PostsOffline📄January 12, 2021, 7:11 pmQuote: Originally posted by on January 12, 2021I don’t understand, how do they come up with the cash amount you will get if you choose the option to get it all in 1 lump sum?What does it mean when it says how much tax will be taken out and then the “final tax” is more? Do they take more out than what the state tax actually is?I believe the jackpot (annuity amount) that’s advertised is the amount of money you would receive once the lottery invests the amount and pays you over the course of 20 years. The cash amount is the value of the bonds currently. The interest rates are always changing so sometimes the cash amount could be 80% of the total annuity or it could be 60%. I feel like I read this somewhere before but you could do a Google search to fact check me. What does it mean when it says how much tax will be taken out and then the “final tax” is more? Do they take more out than what the state tax actually is?If you take the cash option you’d still have to pay your state taxes and federal taxes ( last time I checked the highest tax bracket is about 37%) so if you’re a virginia resident you’d be responsible for paying Virginia = 4%  and Federal 37%. Hope that helps Note: This may seem like a whole lot of money but you’d still be $200 M + richer so I’m not going to complain.725 5th Av,New York,NY 10022United StatesMember #197346April 9, 20195690 PostsOffline📄January 12, 2021, 7:20 pmQuote: Originally posted by on January 12, 2021I believe the jackpot (annuity amount) that’s advertised is the amount of money you would receive once the lottery invests the amount and pays you over the course of 20 years. The cash amount is the value of the bonds currently. The interest rates are always changing so sometimes the cash amount could be 80% of the total annuity or it could be 60%. I feel like I read this somewhere before but you could do a Google search to fact check me. What does it mean when it says how much tax will be taken out and then the “final tax” is more? Do they take more out than what the state tax actually is?If you take the cash option you’d still have to pay your state taxes and federal taxes ( last time I checked the highest tax bracket is about 37%) so if you’re a virginia resident you’d be responsible for paying Virginia = 4%  and Federal 37%. Hope that helps Note: This may seem like a whole lot of money but you’d still be $200 M + richer so I’m not going to complain.Cash amount is the cash on hand they have after they have paid all the lower prizes…From that cash amount the winner will pay federal and state taxes and then he gets the net payout but will still owe another 13% federal tax the year after because federal tax is withheld on the spot only 24 percent Let’s have trial by combat 😆United StatesMember #72446March 18, 20091339 PostsOffline📄January 12, 2021, 7:21 pmQuote: Originally posted by on January 12, 2021I don’t understand, how do they come up with the cash amount you will get if you choose the option to get it all in 1 lump sum?What does it mean when it says how much tax will be taken out and then the “final tax” is more? Do they take more out than what the state tax actually is?deborahl, these are great questions.  The first answer is that the cash lump sum is a figure that is derived after all the ticket vendors ticket revenue shares, employees and contractors salaries, supplies, miscellaneous expenses, advertising costs, etc. get deducted. After that, then they can figure out the projected interest earned on the remaining monies if invested at medium risk for 29 years (of course that’s the annuity amount that everyone sees advertised on the big signs).Your next great question concerns USA federal income tax brackets.  The current presidents administration chose to lower them 4 years ago. The highest tax rate is 37%.  When one wins over 1 million dollars, they are definitely taxed at the highest tax rate.  Yet, for some odd reason only 24% is federal income taxes are deducted by the lottery.  The winner still has to pay the huge remainder due by April the following year though.  It is a good opportunity for the winner to forget that and donate or spend money that was never really theirs though.  It’s called spending without knowing and budgeting for the big picture.  Regarding the state’s income taxes be assured that those are actually fully deducted by the lottery before the winner receives the check.  If you read it slowly, you will see that this website has an excellent breakdown of the two individual government taxing levels.☃️Having several millions of dollars in my financial accounts means receiving several valuable services each day!ChicagoUnited StatesMember #122758February 7, 2012202 PostsOffline📄January 12, 2021, 7:50 pmQuote: Originally posted by on January 12, 2021Cash amount is the cash on hand they have after they have paid all the lower prizes…From that cash amount the winner will pay federal and state taxes and then he gets the net payout but will still owe another 13% federal tax the year after because federal tax is withheld on the spot only 24 percent Then pay another tax the next tax year around 37% .


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