FLORIDA — One lucky Mega Millions player in Florida could ring in the new year $1.15 billion richer as the estimated jackpot rises for Friday’s drawing.
If a player chooses all the correct numbers, the $1.15 billion prize would be the fifth-largest jackpot in the history of the game, according to the Mega Millions site.
Mega Millions numbers are drawn twice a week, on Tuesdays and Fridays at 11 p.m. Eastern Time. To be eligible for the jackpot, Florida players must buy their tickets by 10 p.m. Tuesday under state lottery law.
Jackpots may be paid out over a 30-year annuity, but most people take a lump sum cash payment, which would be $516.1 million for Friday’s drawing. It’s important to remember that winnings are subject to federal taxes and, often, state taxes, as well.
Tickets cost $2. For another $1, players can buy the Megaplier option, which increases their winnings up to $5 million.
Players select 5 numbers between 1 and 70, and a Mega Ball number between 1 and 25. You can also have the lottery computer randomly select the numbers.
There are about 13,000 retailers in Florida that sell Mega Millions and other lottery tickets, including:
Many restaurants, bars and other businesses also sell lottery tickets. You can search the Florida Lottery site for retail sales sites.
In Florida, the state lottery must withhold 24 percent federal taxes on prizes more than $5,000 for U.S. citizens with a social security number.
For U.S. citizens without a social security number, the state lottery must withhold 30 percent for taxes on prizes more than $600.
The odds of winning the jackpot are pretty low — about 1 in 302.6 million. You have a better chance of dying in a plane crash or lightning strike. But the odds of winning smaller prizes ranging are significantly better: the odds of winning $1 million are about 1 in 12.6 million.
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