Mega Millions Jackpot Nears $1 Billion: What You Should Know Before Buying a Ticket.
Each Mega Millions ticket costs $2, and for an additional $1, you can add the "Megaplier," which multiplies non-jackpot winnings by up to 5 times.
The odds of winning the jackpot are approximately 1 in 302.6 million. While the odds are slim, smaller prizes are more likely.
Players select five numbers from 1 to 70 and one "Mega Ball" number from 1 to 25. You can pick your numbers or opt for a Quick Pick for randomly selected ones.
Winners can choose between a lump-sum cash payment (a reduced amount) or an annuity paid over 30 years. The annuity guarantees the full jackpot amount.
Federal taxes take 24% off the top, with additional state taxes varying by location. Factor this into your expectations for take-home winnings.
Most states give winners between 90 days and a year to claim their prize. Make sure to check your state’s rules to avoid missing out.
Consider joining an office or friend group lottery pool to increase your collective chances of winning, though winnings will be split among participants.
Sign your ticket as soon as you buy it. This ensures you are identified as the rightful owner in case of loss or theft.