Friday night’s Mega Millions drawing could be worth up to $740 million after Tuesday’s drawing saw no big winner.
A lucky lotto player who hits the jackpot could walk away with a cash prize of $371.6 million in they opt for a lump sum payout.
The odds of hitting all five numbers plus the Gold Mega Ball are one in 302,575,350, according to lottery officials. However, there are nine total ways to win a prize — from $2 to the jackpot — with the overall chances of winning any cash being one in 24.
The ping pong balls will be drawn at 11 p.m. in Atlanta. If someone wins, the payout will mark the seventh largest in Mega Millions history.
The top six winnings, all of which topped $1 billion, have been won in six different states. The most recent jackpot-winning ticket was sold in Neptune Township, N.J. in March of this year, landing that player $1.128 billion (or $536.6 million cash).
How much money a winner will actually see varies by state. All state lotteries immediately withhold 24% in federal taxes. Further federal taxes are also due.
According to a breakdown published by USA Mega, New York has the nation’s highest lottery withholdings. A lump sum payout of Friday’s $740 million jackpot in the Empire State would total roughly $193 million after deductions, while a patient winner who agrees to take the money in 30 annual installments would eventually net just under $387 million.
Most winners opt for the lump sum payout, against the advice of many financial analysts. People who play the lottery don’t typically have the plans and personnel in place to manage a huge windfall at once and can make mistakes in handling those funds, experts say.