Did the USA Mega Millions draw slip your mind? Giant Lottos has your back! Soon after the draw and the results have been posted you’ll receive a notification email, and any winnings will be paid directly into your Giant Lotto account. And if you’re lucky enough to hit that big Mega Millions jackpot your account manager will contact you personally to give you the good news!
Since the secondary prizes are defined in fixed amounts (except in California), if the liability for a given prize level exceed the funds in the prize pool for that level the amount of the prize may be reduced and the prize pool be distributed on a parimutuel basis and result in a prize lower than the fixed amounts given in the prize tables. Because the secondary prize pools are calculated independently, it is possible lower-tier prizes will differ among the game members.
The minimum jackpot prize is a $15 million annuity disbursed in 30 payments over 29 years which is something many people would elect to do.The 30 annuity payments are not equal but based on an increasing rate schedule. For example, the first annual gross annuity payment on the base $15 million jackpot would be approximately $267,000 while the final payment would be approximately $834,000.
Reflecting common practice among American lotteries, the jackpot is advertised as a nominal value of annual installments. A cash value option (the usual choice), when chosen by a jackpot winner, pays the approximate present value of the installments. Mega Millions' previous format began on October 19, 2013; its first drawing was three days later. The current version of Mega Millions uses a 5/70 (for the white balls) plus 1/25 (for the "Mega Ball") double matrix to select its winning numbers.
It is still pretty tough to win the Jackpot, which is one of the reasons it is known as one of the biggest jackpot games in the world today – the odds of claiming a single-ticket win of both the five numbers plus the red Powerball, currently stand at about 1 in 24.87. The game definitely has the ability to make you fabulously wealthy beyond your wildest dreams or imagination. The Powerball lottery has the honour of having the highest jackpot prize in the world ever won by a single ticket - it is also the lottery that has paid out the highest jackpot to just one person. The biggest jackpot ever won on the US Powerball was a staggering $590.5 million, won by one lucky ticket holder in May 2013. The second-biggest jackpot snatched up, was an amazing $580 million which was won by two ticket holders in November 2012.
On Jan 31, 2010, the date of the cross-sell expansion, Mega Millions and MUSL each added lotteries; eight Powerball members added Mega Millions by May. The Montana Lottery joined Mega Millions on March 1. Nebraska added Mega Millions on March 20; Oregon followed on March 28; Arizona joined Mega Millions on April 18; Maine added Mega Millions on May 9; Colorado and South Dakota joined Mega Millions on May 16. The U.S. Virgin Islands joined Mega Millions in Oct 2010.
On March 13, 2010, New Jersey became the first previous Mega Millions-only member (just before the cross-selling expansion) to produce a jackpot-winning Powerball ticket. It was worth over $211 million in annuity payments; it was sold in Morris Plains. On May 28, 2010, North Carolina became the first previous MUSL member (just before the cross-selling expansion) to produce a jackpot-winning Mega Millions ticket; that jackpot was $12 million (annuity).
^ Jump up to: a b If more than one play wins the jackpot in a given drawing, the prize is divided equally among 5+1 plays. Winners have one year to collect a jackpot share; for other prizes, the deadline also is one year, except in California, where it is 180 days. Other than in and Texas (see below), a jackpot winner has 60 days from either the drawing, or in some jurisdictions, after claiming, to choose cash or annuity. The relative value of actual cash jackpot share fluctuates. Jackpots began at $15 million (disbursed in 30 graduated annual payments if the annuity is chosen); the corresponding cash value fluctuates depending on interest rates.
Drawings are usually held at the studios of WSB-TV in Atlanta, Georgia. The original host was WSB's chief meteorologist, Glenn Burns. Currently, most drawings are emceed by the full-time host of Georgia Lottery drawings, John Crow, with Brian Hooker the main substitute host. For larger jackpots, the drawing sometimes is moved to Times Square, with New York Lottery announcer Yolanda Vega co-hosting.
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Other winners in excess of $250 million: On December 25, 2002, Jack Whittaker, president of a construction firm in Putnam County, West Virginia, won $314.9 million ($428 million today), then a new record for a single ticket in an American lottery. Whittaker chose the cash option of $170 million, receiving approximately $83 million after West Virginia and Federal withholdings.
In Georgia, New Jersey, and Texas, players must choose, in advance, whether they wish to collect a jackpot prize in cash or annuity. Georgia and New Jersey winners can change an annuity ticket to cash should they be eligible for a jackpot share; however, the choice is binding in Texas. The other Mega Millions members allow the cash/annuity choice to be made after winning (usually 60 days after claiming the ticket), although in Florida the 60-day "clock" starts with the drawing in which the jackpot prize was won.
This method specifically has faced criticism recently from a number of lottery organizers such as Camelot, the UK National Lottery organizers who are not happy with companies “selling tickets” (selling bets on outcomes of their established lottery draws) for prices sometimes even cheaper than Camelot themselves sells their tickets. This legal and corporate dispute looks set to continue for the foreseeable future, in the mean time you can continue to buy Powerball tickets online, only now you are aware of the key differences between the two business models.