A Mega Millions winners means big tax revenue, too

Marcus Newton
October 25, 2018

The jackpot offered to a victor of Mega Millions, one of two major lottery games played across the U.S., was $40m in July.

With the odds of winning at 1 in 302 million for a single ticket, experts say you're more likely to be elected President of the United States, or canonised as a saint. Gordon Medenica is the head of Mega Millions and says 95 percent of tickets purchased are computer-generated quick picks. The previous record was a US$1.586 billion jackpot for a Powerball drawing in 2016.

The drawings are held on CW20 around 11 p.m.

But much of the focus has been on Tuesday's Mega Millions drawing and what would be the largest jackpot prize in US history. However, only seven states let you buy individual Mega Millions tickets online. That's another deduction. If you get the 30 year annuity, you're annual payment would be a little under $38 million.

Several states have no additional taxation on lottery winnings, but North Dakota has the lowest tax percentage among states that do charge winnings with state taxes, according to data from USA Mega, a site that provides lottery alerts and information. That could also land you a historic tax bill if you win, though don't expect a lot of sympathy. Since then no one has won the top prize and so the jackpot has continued to roll over.

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Tickets sold for today's drawing are expected to cover 75 per cent of all possible number combinations, he said. It is 1 in 292,201,338. The largest jackpot in USA history will be drawn on Tuesday night. Players matching fewer than six numbers can still win second-tier prizes.

So, what are your chances of winning the $1.6-billion jackpot this time? "But I can assure you this is the most we have ever sold".

The winning numbers were 5, 28, 62, 65, 70 and Mega Ball 5.

I love my job, but if my numbers come up with week. The remaining $1.11 billion, plus the 40 percent of ticket sales supposedly allocated to education and other causes, would end up in the hands of the federal and NY state governments.

In California, $267 million has been collected in Mega Millions sales over the past 25 rolls.

Other reports by MaliBehiribAe

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