The Mega Millions jackpot is approaching the $1 billion Christmas Eve drawing

Topline

The Mega Millions jackpot has risen to an estimated $944 million in a Christmas Eve drawing, making it the seventh-largest prize in the lottery’s history, although one lucky winner – at odds of one in 302 million – will walk away with less than one would take home – one third of that amount after paying the required taxes.

Important facts

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What you should pay attention to

The next Mega Millions drawing will take place on Tuesday evening. Powerball is holding its next drawing on Saturday evening with a jackpot of $88 million. This grand prize includes a lump sum payment option of $40.2 million, to $30.5 million after a mandatory tax withholding of 24% or to $25.3 million at a federal marginal tax rate of up to 37% would be reduced.

Surprising fact

The jackpot is the seventh largest prize in Mega Millions history, trailing six other jackpots that exceeded $1 billion. One of the top prizes – a $1.1 billion jackpot – was won in March, while two were won last year, including the largest jackpot ever of $1.6 billion. The Mega Millions jackpot has only been won once on Christmas Eve, although the $68 million prize ultimately went unclaimed in 2002 – the lottery’s first year – according to the lottery.

Big number

2 million. That’s how many non-jackpot tickets were drawn Friday night, including five tickets where all five white balls resulted in a $1 million win.

Important background

Mega Millions announced rule changes to the lottery in October that would give players “bigger jackpots, better odds of winning” and new rewards. One of the “Megaballs” was removed from the draw as part of the changes, increasing the odds from one in 25 to one in 24. The lottery will also start with a larger jackpot, introduce a “random” multiplier for non-jackpot prizes and no break-even prizes, meaning a player would win at least $10 if they hit a “mega ball.”

Further reading

ForbesMega Millions ticket holders in Texas win a jackpot of $800 million – that’s how much they’ll take home after taxesFrom Siladitya Ray
ForbesBillion dollar mega million jackpot cracked in New Jersey – this is what the winner takes home after taxesFrom Siladitya Ray