As Mega Millions jackpot reaches $1.05 billion, these are the largest lottery prizes in U.S. historical past

So right here’s how the present Mega Millions jackpot stacks up towards the largest lottery prizes in historical past:

A Mega Millions winner has the flexibility to decide on a lump-sum cost up entrance or an annuity cost over time as their prize. A lump-sum money cost ends in the particular person receiving a one-time cost equal to the money within the prize pool, whereas those that go for an annuity cost will obtain a right away cost after which 29 subsequent funds yearly with a 5% enhance in every cost from the earlier one, in accordance with the Mega Millions web site.

So which one is hottest? The lump-sum cost, because the jackpot winners took the money choice the 4 different instances that the Mega Millions jackpot reached over a billion {dollars}, in accordance with CBS and Lottery.web.

But Robert Pagliarini, creator of “The Sudden Wealth Solution,” beforehand informed MarketWatch that he often advises winners to take the annuity funds for tax functions, in addition to added protections from overspending. 

See additionally: Hoping to win Mega Millions? This lady hit a $112 million Mega Millions jackpot.

Lottery jackpots, that are additionally topic to each state and federal taxes, can develop so giant partially as a result of the chances of profitable are so tiny. For Mega Millions, the chances of profitable the jackpot are about 1 in 302.6 million.

Those chances are high so small that even should you purchased a lottery ticket for each drawing over 80 years — that’s two instances every week for Mega Millions and thrice every week for Powerball — you’ll nonetheless be much less more likely to win than to be struck by lightning at any level in your life.

The subsequent Mega Millions drawing is on Tuesday night time at 11 p.m. Eastern and there’s no restrict to how excessive the jackpot may attain if nobody picks the fortunate numbers.