Published: Mon, October 22, 2018
Money | By Bruce West

At $1.6 Billion, Mega Millions Jackpot Becomes Largest In Lottery History

At $1.6 Billion, Mega Millions Jackpot Becomes Largest In Lottery History

If no one wins, the jackpot will be even larger for Tuesday's drawing.

People line up in the hallway of a midtown New York City office building to buy Mega Millions tickets on Friday.

In 2016, a $1.58 billion Powerball prize was split three ways by ticket holders from California, Florida and Tennessee. That means roughly $904 million in your pocket before state and federal taxes.

The numbers have been drawn for Saturday's estimated $470 million Powerball jackpot.

California Lottery officials said there were no jackpot winners in the state of California, but that one ticket sold in Morgan Hill matched 5 of 6 numbers.

A man walks past Mega Millions and other lottery displays outside of The Lucky Spot in San Francisco on October 18.

If there is a winning ticket, the holder or holders can opt for 30 annual payments or a lump sum cash prize.

No one won the latest Mega Millions drawing, meaning the jackpot is now a staggering $1.6 billion. According to the official list of largest Mega Millions jackpots, three of the six top jackpot amounts have been awarded since the rules were changed previous year.

The odds of matching five numbers and the Mega number are 1 in 302,575,350, according to the Associated Press. If a single victor was awarded the prize and took the cash lump sum, they would end up with $565.6 million.

The retailer also will received $10,000 for selling the winning ticket.

You may have another chance to cash in on a historic payday, but your odds are literally getting slimmer and slimmer each day.

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