The winner, who has not yet claimed the prize, has 365 days from the draw date to turn in the ticket at one of nine California Lottery District Office locations. The lucky person has two options for payment: A payment plan for about $543 million (before federal taxes) paid out over 29 years or a lump cash sum of $320.5 million (before federal taxes).
For that reason, Brent Kramer, a research associate at the Fiscal Policy Institute, a nonprofit research and policy organization, and others call lotteries a “regressive tax” by offering the poor a rich fantasy. “If the promised return is by far illusory — and it is — it would be hard to argue that those purchases do not constitute a tax on those who believe the state’s hype,” Kramer wrote in a 2010 paper. In the event that someone did win the latest $700 million Powerball lottery, Bernal says it will be “the single biggest redistribution of wealth” since, well, the January 2016 Powerball.
The New Jersey Lottery, among others, in early 2009 announced it would seek permission to sell Powerball tickets alongside Mega Millions. In October 2009, an agreement between Mega Millions and MUSL allowed all U.S. lotteries, including New Jersey's, to offer both games. On January 31, 2010, Mega Millions expanded to include the 23 MUSL members; as of that date, 35 jurisdictions were participating in Mega Millions. On the same day, 10 existing Mega Millions-participating lotteries began selling Powerball tickets. Ohio joined Powerball on April 16, 2010. On March 1, 2010, Montana became the first MUSL member to add Mega Millions after the cross-sell expansion. Nebraska became the 37th Mega Millions participating member on March 20, 2010, followed by Oregon as the 38th member on March 28, Arizona as the 39th member on April 18, and Maine as 40th Mega Millions participant on May 9, 2010. Colorado and South Dakota added Mega Millions on May 16, 2010, bringing the total to 42 jurisdictions.
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.
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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.
Players who match five numbers from the first pool win $1 million; those matching four numbers from the first pool and the Gold Mega Ball number win $10,000; those matching four numbers from the first pool win $500; those matching three numbers from the first pool and the Gold Mega Ball win $200; those matching two numbers plus the Gold Mega Ball win $10; those matching one number and the Gold Mega Ball win $4; and those matching only the Gold Mega Ball win $2.
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.
Choose five numbers from between 1 and 69. Like nearly all lotteries, none of these five numbers can be the same and the order doesn't matter. You'll also choose a Powerball number between 1 and 26. We recommend you spend a little more and take the Power Play option; we explain why in more detail below. Once you’ve bought a ticket, you’re going to have to wait for the drawings to take place on Wednesdays and Saturdays at 10:59 p.m. (EST). It’s that simple and will take you one step closer to hunting down that big win.