Mega Millions is one of the largest American lotteries, impressing us with its extraordinary prizes!
With a record jackpot of $1.602 billion, this lottery has a lot to offer!
There are nine ways to win a Mega Millions prize. Some of those prizes may seem not so impressive if you compare them to the jackpot, but the smaller prizes also enjoy better odds, this is why you shouldn’t dismiss them completely.
Moreover, Mega Millions is the only lottery with Match 5 prizes up to $10 million (with the Multiplier). Here is all you need to know on Mega Millions payouts!
Mega Millions Jackpot
The initial prize for the Mega Millions begins at 50 million and continues to increase indefinitely until someone correctly guesses all six numbers, which includes 5 primary numbers plus the Mega Ball.
This unlimited growth allowed the jackpot to soar to $1.602 billion previously. Each occasion the jackpot goes unclaimed, it rolls over to the next drawing. With no cap on its top prize, the Mega Millions stands out among the world’s lotteries. It’s no surprise that it’s regarded as one of the grandest lottery games globally.
Here is a table on Mega Millions jackpot main informations:
| Jackpot | |
|---|---|
| Match | ⚪⚪⚪⚪⚪ + 🔴 |
| Minimum amount | $50 Million |
| Maximum amount | Unlimited |
| Record amount | $1.602 Billion |
Mega Millions Payouts
There are 9 prize-tiers that can be won when you play Mega Millions. These start at $5 and reach incredible sums that go beyond what we can imagine. In fact, Mega Millions has a record jackpot of $1.602 billion, won by a single player!
Below is a list of the Mega Millions prizes you can win when you choose to participate:
| Prize Division | Match | Prize |
|---|---|---|
| 1st Prize | ⚪⚪⚪⚪⚪ + 🔴 | Jackpot |
| 2nd Prize | ⚪⚪⚪⚪⚪ | $1 Million |
| 3rd Prize | ⚪⚪⚪⚪ + 🔴 | $10,000 |
| 4th Prize | ⚪⚪⚪⚪ | $500 |
| 5th Prize | ⚪⚪⚪⚪ | $200 |
| 6th Prize | ⚪⚪⚪ | $10 |
| 7th Prize | ⚪⚪ + 🔴 | $10 |
| 8th Prize | ⚪ + 🔴 | $7 |
| 9th Prize | 🔴 | $5 |
What are the best chances of winning the Mega Millions?
Your chance of winning the Mega Millions jackpot is 1 in 290,472,336 (1 in 290 million). This means that you can play Mega Millions with 290 million different combinations, of which one will be the winner of the jackpot. Impossible you may think… However, there are many Mega Millions winners that can attest that winning is not impossible.
To win any of the rest of the Mega Millions prizes it is not necessary to match all the numbers. Therefore, the odds become more favorable for each prize that requires fewer hits. For instance, your chances of winning the $10,000 Mega Millions third prize are 1 in 893,761. This is because it is easier to guess 4+1 numbers than 5+1 numbers.
See all the Mega Millions odds in the table below:
| Prize Division | Prize | Odds |
|---|---|---|
| 1st Prize | Jackpot | 1 : 290,472,326 |
| 2nd Prize | $1,000,000 | 1 : 12,629,232 |
| 3rd Prize | $10,000 | 1 : 893,761 |
| 4th Prize | $500 | 1 : 38,859 |
| 5th Prize | $200 | 1 : 13,965 |
| 6th Prize | $10 | 1 : 607 |
| 7th Prize | $10 | 1 : 665 |
| 8th Prize | $7 | 1 : 86 |
| 9th Prize | $5 | 1 : 35 |
How Are Mega Millions Prizes Boosted With the Multiplier?
When users buy their Mega Millions tickets, a randomly assigned Multiplier number will be activated. This simple gesture allows Mega Millions secondary prizes to be multiplied x2, x3, x4, x5 or x10. The value of the Multiplier is revealed after the main balls are drawn and is selected at random.
The Multiplier influences secondary category Mega Millions prizes. However, the jackpot cannot be multiplied.
Here are a few important things to keep in mind:
- The Multiplier does not affect the jackpot, it only increases the other Mega Millions prizes.
What Are the Payout Options For Mega Millions Prizes?
For the winners of the Mega Millions top prize, there are 2 primary payout options to choose from:
Lump Sum Option
The lump sum payment is also called Cash option. It is a one-time payment that is equal to all the cash in the Mega Millions jackpot prize pool. If you choose this option, you will receive a single payment that is less than the advertised jackpot amount, as it represents the actual cash value of the jackpot.
Annuity Option
The annuity option provides 30 graduated payments over 29 years. Each payment is 5% bigger than the previous one.This option is considered useful to help protect winners’ lifestyle and purchasing power in periods of inflation.
As you can see, this is a though choice that winners are faced with as there is no best option. It all depends on your goals, needs, and personality. Before taking any decision on how to claim your Mega Millions prize, we advise you to consult a financial advisor and a tax expert.
Mega Millions After Taxes: How Much Do Winners Get?
When talking about Mega Millions taxes, it’s important to note that both prize claiming options are subject to federal taxes, and possibly state taxes depending on where you live. The initial federal withholding is 24%, but there may be additional federal taxes due up to the top marginal rate of 37%.
State tax rates vary by state, with some states like California and Florida having no state tax on lottery prizes, while others may withhold a percentage as state tax (up to 8.82%).
NJ Mega Millions Prizes and Tax Considerations
NJ Mega Millions prizes over $5,000 are subject to a federal tax rate of 24% and a state tax rate of 5 to 8%*.
*This is not a taxation advice and readers are advised to seek independent professional advice when they win large Mega Millions prizes.
How To Claim a Mega Millions Prize Online?
First off, we advise you to choose wisely the platform you want to use to get your Mega Millions entries from.
Here’s how to claim your Mega Millions prizes online when using the reliable online lottery service TheLotter US:
- If you win a secondary prize through your account on TheLotter US, the full amount will be automatically transferred to your private account*. You can then choose to keep it there, or remove it from your account.
- If you scoop the jackpot, you may have to collect your Mega Millions prize in person, but the team of TheLotter US will be by your side every step of the way.
*TheLotter US does not take any comission on the winnings of the players, this means you receive the full amount, no matter how small or how big the prize is.
Mega Millions Prizes FAQ
Here are some of the most common questions players and winners may have on Mega Millions prizes:
To win the smallest Mega Millions prize, you need to match at least one number, the Mega Ball.
To claim the first prize of the Mega Millions lottery you need the 5 main numbers and the Mega Ball on your ticket to be the same as those of the winning combination of the drawing.
There are 9 prize tiers to be won in the Mega Millions drawings, including the jackpot, which starts at a minimum of $50 million and grows without limit until there is a big winner.
The highest Mega Millions prize in history soared to $1.602 billion. There was only one winning ticket. In this way, it maintained a world record for the largest prize awarded by a lottery until November 2022, when Powerball surpassed this amount, specifically delivering $2.04 billion.