Published on: December 24, 2024, 11:40h.
Last updated on: December 24, 2024, 11:52h.
The Mega Millions jackpot for Tuesday night’s drawing has reached $1 billion, leading to an increase in ticket sales during the holiday season.
Initially projected at around $944 million, the Christmas Eve jackpot for the 30-year annuity has now risen to $1 billion due to strong sales in the past 48 hours.
While lottery tickets are popular gifts, it is important to note that they are not suitable for children or individuals below the legal age for playing. With a jackpot of $1 billion, tonight’s draw marks the seventh-largest in Mega Millions history.
Top-10 Mega Millions Jackpots — Winning Ticket(s)
- $1.602B — Aug. 8, 2023 — 1, Florida
- $1.537B — Oct. 23, 2018 — 1, South Carolina
- $1.348B — Jan. 13, 2023 — 1, Maine
- $1.337B — July 29, 2022 — 1, Illinois
- $1.128B — March 26, 2024 — 1, New Jersey
- $1.05B — Jan. 22, 2021 — 1, Michigan
- $1B — Dec. 24, 2024 — ??
- $810M — Sept. 10, 2024 — 1, Texas
- $656M — March 30, 2012 — 3, Illinois, Kansas, Maryland
- $648M — Dec. 17, 2013 — 2, California, Georgia
Each winner has defied odds of 302,575,350 to 1 by matching the five white balls and gold Mega Ball. According to the CDC, the chances of being struck by lightning are about 40 million to 1. The likelihood of dying in a plane crash is approximately 11 million to 1.
In case there is no winner tonight, the Mega Millions jackpot will roll over for the 30th time to the next draw on Friday.
Electronic Sales Improve Jackpot Estimates
With the advent of electronic sales, Mega Millions and Powerball now have better accuracy in projecting the actual jackpot amount. State lotteries receive real-time sales data from electronic vending machines and online sales, enabling more precise jackpot calculations.
When Mega Millions was first introduced in the 1990s, paper tickets dominated sales. These required retailers to report daily sales figures to state lotteries.
The $1 billion draw on Tuesday night will take place at 11 p.m. EST in Atlanta. Most states stop selling Mega Millions tickets for the night’s draw an hour before the event.
Jackpot Breakdown
If a ticket matches the five white balls and gold Mega Ball, the winner must choose between receiving the $1 billion over 30 years or a one-time cash payout of around $448.8 million.
After federal taxes, the cash option would be reduced to $282.8 million. State taxes apply in 36 states and Washington, DC, with rates ranging from 2.5% in Arizona to 10.9% in New York.
California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming are the top states for winning a lottery jackpot, as they do not tax lottery winnings as income.