Mega Millions at $1 Billion: History and Facts Behind the Growing Jackpot.
Mega Millions, originally known as The Big Game, was launched in 1996 in six states. It later rebranded to Mega Millions in 2002 and expanded nationwide, making it one of the most popular lottery games in the U.S.
The Mega Millions jackpot reached a historic $1 billion for the first time in 2018, but the current surge is pushing it even higher. A $1 billion jackpot is a rare and exciting event, drawing attention worldwide.
Mega Millions jackpots grow when there are no winners in a drawing. Each time the jackpot rolls over, more tickets are sold, further increasing the prize pool. A $1 billion jackpot usually results from multiple rollovers.
The odds of winning the Mega Millions jackpot are approximately 1 in 302.6 million, making it an extremely difficult prize to win. Despite the long odds, the large jackpot encourages many to buy tickets.
When the jackpot grows into the billions, ticket sales soar. This surge in ticket purchases is partly due to the excitement generated by the massive prize and the chance of a life-changing win.
The largest Mega Millions jackpot in history, as of now, was $1.537 billion in 2018. It was won by a single ticket purchased in South Carolina. The current jackpot is nearing that amount, and it could surpass it.
The revenue generated by Mega Millions ticket sales benefits state-funded programs, primarily in education. In 2021 alone, Mega Millions raised over $2 billion for state budgets.
Winners can opt for the lump-sum cash payout or a 30-year annuity. The lump sum is typically about 60% of the advertised jackpot. For a $1 billion jackpot, that would be around $600 million after taxes.