Winning the Mega Millions lottery? Here’s how much you’ll really keep

Mega Millions players ponder how to spend record $1.6B prize

Mega Millions players ponder how to spend record $1.6B prize

Current odds for winning the Mega Millions jackpot are estimated at about 1 in 302 million.

The Louisiana Lottery says Mega Millions sales in the boot state have reached over $23.3 million since the jackpot's initial run back in July. The jackpot reset at $40 million for the next drawing and has been soaring ever since, each week's failure to pick the winning number ballooning the overall prize money by tens of millions of dollars.

It's up to an estimated $620 million for Wednesday's drawing. The next Mega Millions drawing is set for 11 p.m. October 23.

The Kentucky Lottery is giving away hundreds of Mega Millions coupons ahead of a world-record jackpot Tuesday. Several states allow online ticket purchases, but they prohibit out-of-state and foreign purchases. Almost every victor opts for cash, which is the amount of money the lottery folks actually have in the bank ready to pay out to the company that would fund the annuity.

I could opt to receive either a lump sum payment of about $905 million or 30 annual payments averaging about $53,333,333 each, according to the Mega Millions website.

Should you win, how much would you really take home? In 2016, Americans spent more than $ 80 billion on lotteries, eclipsing the combined total of what they spent on movies, video games, books, music and sports tickets. It is 1 in 292,201,338.

"Even though the odds are against me, I still have that one hopeful chance, not going to lie", says James Howard, student at Truckee Meadows Community College. The Powerball record jackpot of $1.58 billion was shared by winners in California, Florida and Tennessee and stills stands for that game.

I love my job, but if my numbers come up with week.

If it seems like lottery jackpots are getting larger and larger, it's because they are getting larger and larger.

Powerball has climbed since there was a victor in NY on August 11.

States have generally reported increased Mega Millions and Powerball sales since the change.

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