Mega Millions Lotto Jackpot reaches $1bn. Here are your chances of winning

The Mega MillionsAfter no ticket matching all six winning numbers in Tuesday’s drawing, the jackpot has increased to $1.02bn.

People who don’t play often are looking to spend $2 or join an office pool in the hopes of getting a large payoff.

It’s simple to buy a ticket. But it’s equally easy to get confused about the odds and how prizes are determined, as well as how winnings will be paid.

Now what? There are chances to win?

As the jackpot prize grows, so do the chances of winning. They are one in 302.5 millions, regardless of how much.

However, if your tickets are more expensive, you can increase your chances to win. But, only slightly.

The annuity option will also be available at $1.02bn, and will be paid over 29 year periods.

The cash option would only cost $602.5m.

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Mega Millions jackpot hits $1bn. Here’s how your chances of winning are

Many jackpot winners opt to choose cash, but an annuity that has 30 payments over 29-years can be a better option. This will allow them to reduce their tax burden.

Winners who die before they receive all of their earnings will lose their future payments.

Since 2016, 40 Mega Millions jackpot winners have been won, with the few remaining lucky players scattered throughout 22 states.

Because there are more players, winners have been greater in states with higher populations.

California had six lucky Mega Millions Jackpot winners.

New York was the runner-up with five winners. New Jersey had four and Illinois three.

Texas had two and Florida one.

The lottery game is administered by Washington, DC’s 45 state lotteries, as well as game officials from the US Virgin Islands.

Additionally, representatives of lotteries meet twice per week to discuss the estimated jackpots.

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