Because the quoted jackpot amount is an annuity of 30 graduated annual payments, its cash value relative to the annuity fluctuates. The actual ratio depends on projected interest rates and other factors. MUSL starts with the cash value, built from a percentage of sales, and then calculates the advertised jackpot amount from that value, based on the average costs of the three best securities bids.
EuroMillions currently has a minimum jackpot of approximately €15 million and a maximum jackpot capped at €190 million, making EuroMillions by far the largest lottery prize in Europe. EuroMillions also has annual Superdraws several times a year, automatically boosting the jackpot to €100 million. To read more about these special jackpots, and for news on upcoming draws, see our EuroMillions Superdraw page!
Mega Millions winning numbers are drawn on Tuesdays and Fridays at 23:00 EST*. Buy Mega Millions tickets online by selecting five main numbers (from 1-70) and a Mega Ball (from 25) for each line. Choose your Mega Millions number manually, with quick pick, or from your saved numbers to buy your official Mega Millions lottery ticket. Match 5+1 to become an American lottery multi-millionaire and win a guaranteed $1,000,000 second place prize for all five main numbers! Learn how to purchase official lottery tickets on theLotter and how it works here.
The probability and odds can be taken into a mathematical perspective: The probability of winning the jackpot (through October 27, 2017) was 1:(75C5) x (15); that is: 75 ways for the first white ball times 74 ways for the second times 73 for the third times 72 for the fourth times 71 for the last white ball divided by 5 x 4 x 3 x 2 x 1, or 5!, and this number is then multiplied by 15 (15 possible numbers for the "Megaball"). Therefore, (75 x 74 x 73 x 72 x 71)/ (5 x 4 x 3 x 2 x 1) x 15 = 258,890,850, which means any combination of five white balls plus the Megaball has a 1:258,890,850 chance of winning the jackpot. Similarly, the odds for second prize are 1:(75C5) x (15/14) = 1: 18,492,204 chance of winning. The overall probability of winning any prize was 1 in 14.7. If there are no jackpot winners for a specific drawing, the jackpot will keep increasing, however, the odds will still remain the same.
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Before the advent of government-sponsored lotteries, many illegal lotteries thrived, such as number games. The first modern government-run US lottery was established in Puerto Rico in 1934. This was followed, decades later, by the New Hampshire lottery in 1964. Instant lottery tickets, also known as scratch cards, were introduced in the 1970s and have become a major source of lottery revenue. Individual lotteries often feature three-digit and four-digit games akin to numbers games; a five number game, and a six number game (the latter two often have a jackpot.) Some lotteries also offer at least one game similar to keno, and some offer video lottery terminals. Presently, many US lotteries support public education systems.
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Under the current version's regulations (which began October 28, 2017 with the first drawing October 31) for Mega Millions, the minimum Mega Millions advertised jackpot is $40 million, paid in 30 graduated yearly installments, increasing 5 percent each year (unless the cash option is chosen; see below for differences by lotteries on cash/annuity choice regulations.) The jackpot increases when there is no top-prize winner (see below for information on how the Mega Millions jackpot is funded.) As of December 13, 2017, there has yet to be a jackpot winner under the current Mega Millions format, including wagers for the newly created Just the Jackpot option.
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.
Yes! Mega Millions lottery tickets are offered for sale in 46 US states and territories. When you play Mega Millions online with theLotter from anywhere in the world, an official lottery ticket is bought locally on your behalf. A scan of your Mega Millions ticket will be available as part of theLotter’s See Your Ticket Service in time for the Tuesday or Friday night draw.
The American Powerball originally started life way back in 1988 and was known as "Lotto America". In 1992 this became the Powerball lottery, with the first official Powerball draw being held on April 19th, 1992. The game has grown and evolved over the years with new States joining (now totalling 44 States) and various changes being applied to the ball and prize structure. These include a change in the annuity prize payments from 20 yearly payments to 30, and the addition of a cash option for the jackpot. In addition, players are now able to purchase their Powerball lotto tickets online.
Gambling as a generalization has roots in the United States and other English colonies as far back as the 1600s. Not every colony allowed gambling, however. The Massachusetts Bay Colony, for example, did not allow cards, dice or gaming tables, even in private residences. In most colonies however, gambling was seen as a harmless distraction as long as it was played in a gentlemanly manner.
The annuity factor, or the cost to fund an annuity prize, is another key component. The annuity factor is made up of interest rates for securities purchased to fund prize payments. The higher the interest rates, the higher the advertised Grand Prize. You might not realize that an economic reality like interest rates impact even the Powerball jackpot, but they do!
MUSL and its members accept all investment risk and are contractually obligated and liable to the winner to make all scheduled payments to annuity winners. If a jackpot ticket is not claimed, the funds in the prize pool are returned to members in proportion to the amount they contributed to the prize pool. The members have different rules regulating how unclaimed funds are used.
Remember, the advertised Mega Millions jackpot is the annuity jackpot, which means it's the amount that you would receive if you were to opt for the money to be paid out over 29 annual payments (plus a one-off initial payment). For example, for an advertised jackpot of $200 million, the initial payment would be approximately $3 million, with future payments growing to as much as $12.4 million per annum. However, almost all jackpot winners take the cash option that is paid in one lump sum that, on average, is 60% of the advertised jackpot.
The Mega Millions world record stood until January 2016, when Powerball took over the crown as the lottery champion of the world with a $1.568 billion jackpot. Changes to the Mega Millions game format have made it more difficult to win the Mega Millions jackpot and as a result, Mega Millions could soon award a record-breaking jackpot and regain its title as the biggest lottery in the world.
Powerball numbers are drawn from two sets of numbers, so the odds of winning a prize are calculated by combining the odds for both sets of numbers for all prize levels. The odds for matching just the Powerball are calculated by combining the odds of selecting the Powerball and the odds of not selecting any of the five numbers from the first set of numbers drawn.
On October 13, 2009, the Mega Millions consortium and Multi-State Lottery Association (MUSL) reached an agreement in principle to cross-sell Mega Millions and Powerball in American lottery jurisdictions, with the two groups referred to as the "Mega Power Lottery" by many users. The expansion occurred on January 31, 2010, as 23 Powerball members began selling Mega Millions tickets for their first drawing on February 2, 2010; likewise, 10 Mega Millions members began selling Powerball tickets for their first drawing the next day. Montana (joining Mega Millions on March 1, 2010) was the first jurisdiction to add either game after the cross-sell expansion. Nebraska (March 20, 2010), Oregon (March 28, 2010), Arizona (April 18, 2010), Maine (May 9, 2010), Colorado and South Dakota (the latter two on May 16, 2010) also have joined Mega Millions since the expansion.
And of course, if non-US residents are eligible to buy the tickets, they are also eligible to claim the prize money should they win. However, be aware that the rules covering taxes and withholding vary depending on where you live. Countries outside of the United States might have different procedures. If you do win, be sure to consult with a tax professional for more information.
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