Too big to ignore? Mega Millions jackpot tops $810 million
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After months of rolling over, the $810 million Mega Millions jackpot for July 26 — earning the title of third largest in the game's history — is drawing the attention of players across the country.
"If won, it will be the third largest Mega Millions jackpot prize in the game’s history," a Mega Millions press release reads. "The largest Mega Millions jackpot was $1.537 billion on October 23, 2018. That winning ticket was sold in South Carolina."
Tickets for the multi-state Mega Millions game are sold in 45 states, Washington, D.C. and the U.S. Virgin Islands.
The drawing Saturday, July 22 saw a total of 3,428,412 winning tickets sold with a vast array of prizes, including four with "second-tier" $1 million to $3 million prizes.
" Another 105 winners grabbed a third-tier prize of $10,000 or more," the release reads.
The record Mega Millions jackpots to date:
- $1.537 billion, won in South Carolina on Oct. 23, 2018
- $1.050 billion, won in Michigan on Jan. 22, 2021
- $656 million, won in Illinois, Kansas and Maryland on March 30, 2012
- $648 million, won in California and Georgia on Dec. 17, 2013
- $630 million up for grabs Friday night
The last time the Mega Millions jackpot was won was in April 2022, when a Tennessee player won $20 million.
"To start with, your chance of winning the grand prize is minuscule, at one in 302.5 million," the article reads. "You have better odds of a smaller payoff, such as winning $1 million for matching five regular numbers but missing the Mega Ball. But even that is one in 12.6 million. To put that in perspective, your chance of dying in a car crash — something to consider as you drive to the mini-mart for a lottery ticket — is around one in 101 over a lifetime, according to the nonprofit National Safety Council."
There are several steps someone should do if they win the lottery before heading to claim their prize. According to Forbes, the first step should be signing the back of the lotto ticket.
"Make sure that you sign your winning lottery ticket," the Forbes article read. "It’s not as simple as picking the winning numbers. Why? You may lose your ticket between the time you bought the ticket, and there is no record that you purchased the winning ticket. A lottery ticket is considered a bearer instrument, which means that whoever signs the ticket can claim the lottery prize. So, don’t become the subject of a made-for-TV movie and forget to sign your winning lottery ticket."
Unfortunately, because of the next step, it might be necessary to wait before signing that ticket and instead lock it away somewhere safe until you talk to an expert.
Also, try to remain anonymous, if possible.
While some states allow you to protect your identity, others do not. So it is important to research and determine what the law is, and if anonymity is allowed for a prize of that caliber. In some states, it is possible to claim the winnings through a limited liability company or a trust, which could provide further anonymity. The best way to evaluate this is to hire a lawyer or financial planner.
After determining the best way to claim the winnings, the winner (or winners) will need to decide if they will claim the lump-sum cash payment or the annual payments.
With the Mega Millions, while the jackpot is estimated at $630 million, the lump-sum amount is much less. Meanwhile, an alternative is choosing the annual payment option, which spreads out the winnings and "nets" you the full jackpot amount. But, most experts suggest choosing the lump-sum option and investing your winnings, which ultimately should generate a larger return.
Next, if you haven't already, it is important to hire a reputable financial advisor. According to Forbes, hiring an advisor can help protect your newfound assets.
"With your lottery jackpot winnings, one of the best ways to protect against financial loss is to hire a team that can help preserve and grow your newfound wealth," the Forbes article read. "Make sure you vet anyone you hire, as you’re likely to be approached by hordes of advisers looking to guide you. Most importantly, make sure you sign your own checks so that you know fully where your money is going."
Finally, after securing your future, it is a good idea to pay off your past, by settling up your debts. While it might be advantageous to use your money to earn higher returns on your investments, who wants to deal with old debts and try to remember to make those payments?
The National Council on Problem Gambling operates the National Problem Gambling Helpline Network (1-800-522-4700). The network is a single national access point to local resources for those seeking help for a gambling problem. The network consists of 28 call centers that provide resources and referrals for all 50 states, Canada and the U.S. Virgin Islands. Help is available 24/7 and is 100% confidential.
The National Problem Gambling Helpline Network also includes text and chat services. The features enable those who are gambling online or on their mobile phone to access help the same way they play. One call, text or chat will get you to problem gambling help anywhere in the U.S. 24/7/365.
Help is also available via an online peer support forum at www.gamtalk.org.
