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Taxes will subsequently be subtracted/withheld from these payments.)    If  you take an immediate cash payment instead of the 30 year annuity, you will get about one half (before taxes) of the advertised "annuity" value of the game. Mega Millions Stats Odds: 1 in 302,575,350 Jackpot: Minimum $40 million Pick Size: Pick-5 + Pick-1 Powerball type Where to Play: 44 States, DC, and U. If we made a list of all the participants in a lottery, it might include: 1) Federal Government (Lottery winnings are taxable) 2) State Governments (Again lottery winnings are taxable) 3) State Governments (Direct share of lottery ticket sales) 4) Merchants that sell tickets (Paid by the lottery organizers) 5) Lottery companies (Hint: They are not doing all this for free) 6) Advertisers and promoters (Paid by the lottery companies) 7) Lottery ticket buyers (Buy lottery tickets and receive payouts) The winners in the above list are: 1) Federal Government 2) State Government (Taxes) 3) State Government (Direct share) 4) Merchants that sell tickets 5) Lottery companies 6) Advertisers and promoters And the losers are:     (Mathematically challenged and proud of it) Also please see the related calculations for Powerball .   Return to Durango Bill's Home page. Cash prizes from $500 to $5,000 can be claimed at any People's United Bank in Vermont.

Mega Millions still holds the record for the 2nd largest jackpot in the world after it had the top spot for years. October 2013 format change[edit] The final 5/56 + 1/46 Mega Millions drawing was held on October 18, 2013; that night's jackpot of $37 million was not won. Taxes If your Mega Millions ticket nets you more than $5,000, you'll be expected to pay 25% Federal tax right off the bat. Payouts through October 18, 2013: Overall probabilities: 1 in 755 of winning any of the top six prizes,[20] 1 in 40 of winning any prize.[32] In California, prize levels are paid on a parimutuel basis, rather than the fixed lower-tier amounts for winners in other Mega Millions jurisdictions. Of course you get to pay taxes on any large payout, so your net return is even less.

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Find out about Mega Millions prizes and odds of winning here. Remaining non-jackpot prizes will be multiplied 2, 3, 4, ... The number of ways the 4 losing initial numbers on your ticket can match any of the 65 losing White numbers is COMBIN(65,4) = 677,040.  The number of ways your final number can match the Mega number is: COMBIN(1,1) = 1.

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If interest rates increased to 4 1/4 % the ratio would be 0. Mega Millions can trace its roots back to August 1996, when it was launched as The Big Game and sold tickets across six states for its Friday night draws. 01 and $5,000, you'll have to declare this amount on a Federal tax form so that the government is aware. Taxes If your Mega Millions ticket nets you more than $5,000, you'll be expected to pay 25% Federal tax right off the bat. The holder of the California ticket claimed on January 3, 2014. (The California ticket holder received an equal share, but potentially a larger cash-option amount, as California lottery winnings are exempt from state income tax)."[3][4][5][16] [17] Mega Millions' third-largest jackpot, $540 million, was for the July 8, 2016 drawing. Mega Millions still holds the record for the 2nd largest jackpot in the world after it had the top spot for years.

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If the preceding Mega Millions game had no Jackpot winner, then find the difference in the annuity Jackpot amount for the prior game vs. the current annuity Jackpot amount. On the same day, 10 existing Mega Millions-participating lotteries began selling Powerball tickets. This leaves a �bonus contribution multiplier� of just 2. Decide if you want to include the Megaplier or take the Just the Jackpot option, if it's available in your jurisdiction. IMPORTANT: All prizes must be claimed within one (1) year of the winning draw date on the ticket. Record jackpots (listed by cash value)[edit] Revenue[edit] Approximately 50% of Mega Millions sales is returned to players as prizes; the remainder is split (each lottery has different rules regarding these funds) among retailers, marketing, and operations, as well as the 46 jurisdictions offering the game; different lotteries uses the proceeds in different ways.[41] Miscellany[edit] In the aftermath of the attack on the World Trade Center on September 11, 2001, the legislature in Albany, fearing a monumental loss of revenue, passed legislation the following month, which was signed by Governor George Pataki, which included joining a multi-jurisdictional lottery game. The product of these is the number of ways you can get this configuration:  COMBIN(5,1) x COMBIN(65,4) x COMBIN(1,1) = 3,385,200. Mega Millions® Matches, Prizes and Odds (based on a $2 play) Overall odds of winning a prize are approximately 1:24 *If there are multiple winners of the Jackpot on any given drawing, the prize money will be divided equally among all the winners. Mega Millions winning tickets in Florida and Maryland for $400M jackpot - Duration: 0:39. Mega Millions' previous format began on October 19, 2013; its first drawing was three days later. Similarly, the odds for second prize are 1:(75C5) x (15/14) = 1: 18,492,204 chance of winning. After a jackpot win, the Mega Millions jackpot resets to $40 million, which is the same as Powerball.