The grand prize can be claimed in two ways: as an annuity paid out over 29 years or as a lump-sum cash payout. The cash option for this drawing is estimated at $549.7 million, a life-changing sum for anyone fortunate enough to hold the winning ticket.
Despite the incredibly long odds of 1 in 302.6 million, players continued to purchase tickets, drawn by the growing jackpot. The prize had been accumulating since September 10, marking the longest gap between wins in recent history. The size of the jackpot is often a major driver for ticket sales, with the prize having surpassed $1 billion for the first time in October.
This win comes after the largest-ever Mega Millions jackpot of $1.6 billion was claimed in Florida in August 2023. However, Powerball, Mega Millions’ sibling lottery, has had two larger jackpots. Both Mega Millions and Powerball are sold in 45 states, Washington, D.C., and the U.S. Virgin Islands, with Powerball also available in Puerto Rico.
In a major update, ticket prices for Mega Millions will rise from $2 to $5 in April. Lottery officials say the price hike will improve the odds of winning, lead to more frequent large prizes, and allow for even bigger payouts.
For now, though, all eyes are on the newly minted Mega Millions winner, whose life is set to change dramatically thanks to a stroke of luck on Friday night.
