By Todd Northrop
The United States — perhaps the world — has never witnessed a lottery-buying frenzy like we are seeing this week.
Mega Millions tickets are being bought at such a rapid pace that the state lotteries in the Mega Millions consortium have raised the jackpot estimate for the second time in as many days.
Early Wednesday morning, just after 1:00 am Eastern Time, USA Mega announced the new record Mega Millions jackpot of $476 million after nobody won in the Tuesday evening drawing.
Less than 12 hours later, with lottery tickets already being pumped out at a pace greater than expected, the jackpot estimate was raised to $500 million.
Now, just 24 hours later, the jackpot estimate for Friday's Mega Millions drawing has been raised to $540 million, with a lump-sum cash option of $389.8 million.
That's an increase of $177 million from the Tuesday jackpot of $363 million. And yet, the jackpot will probably be even higher by the time the drawing occurs at 11:00 pm Eastern Time (8:00 pm Pacific Time) tomorrow night.
Surely, tickets are being sold at such a rapid pace that the vast majority of all possible number combinations are being covered — multiple times for many combinations — but one still has to ask: what if just one person wins about $400 million in cash? It's hard for most people to even picture a number that large, let alone manage that much cash.
Perhaps more interesting to imagine is, what if nobody wins Friday?
Lottery players seeking to check the winning numbers Friday night are urged to use USA Mega (www.usamega.com). State lottery Web sites are normally brought to a standstill during busy periods, while USA Mega normally remains responsive.
Mega Millions drawing results will be posted immediately after the 11:00 pm drawing at USA Mega. The number of winners and new jackpot will be announced after all participating Mega Millions states have reported their data, which normally occurs within a couple of hours after the drawing.
Tickets will remain on sale typically until 10:45 pm Eastern Time on Friday, although players should check with a lottery retailer in their state for the exact sales cutoff time. Players are advised not to wait until the last minute.
The odds of winning the jackpot are approximately 1 in 176 million. The odds of winning any of the Mega Millions prizes are approximately 1 in 40.
Lottery players can see an after-tax analysis of the current Mega Millions jackpot by visiting USA Mega's Jackpot Analysis page.
Mega Millions features nine different prize levels, ranging from $2 all the way up to the jackpot. Players can win even if they just match one number — the Mega Ball number.
Most states also offer the Megaplier option for an extra dollar per ticket purchased. The Megaplier multiplies any non-jackpot prizes won by 2, 3, or 4 times, depending on the Megaplier number drawn that evening.
Players who purchase the Megaplier and win second prize will automatically have their prize increased by 4x to $1 million.
Hand me my Ventolin!!!
But, the other thread
540 million...wow, that will be crazy if there is just 1 winner.
I just used my Ventolin and Atrovent!!
Woo Hoo ............
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
$292,500,000
in the bank!
540 MILLION......may bust 600 million by the time of the drawing!
Thank You everyone for contibuting to my Pain free retirement!
Insanity----
The Ohio annuity after-tax payment is $14,330,769 (26 payments)
I'm taking the annuity.
Keep this loaded lotto freight train racing down that mountain pass, nix the brakes, put that petal to the metal with a heavy tail wind.
In N.Carolina the anniuty after taxes is: $14,123,077 per year. I'm leaning towards the annuity payments.
Just spent ten dollars at ten different locations and am not done shopping yet.
Good stradagy Eagles, hope that works out for you!
14,870,769/yr annuity here!!
Black friday starts early.
I bet Todd is getting tired of making changes to the web sites.
Although it's supposed to be better to take the money as one lump sum I would have a hard time passing up the annuity as that's like winning the lotto every single year, makes you all but bulletproof for life and then you can get a feel for money and if you decide to take some risks you have an out come the next check.
I bought two tickets today, my normal numbers and a quick pick and I'm going to buy seven more tickets before tomorrow all being quick picks only one play per ticket.
I hope it rolls over as it would threaten one billion dollars two rolls from now. Glad to see Powerball taking one to the chops!
but at least he's getting recognition for his amazing work!!
I hope so to driving to NJ tomorrow to buy a FEW lol.
Just curious, why do you think buying at different locations is a good strategy?
2011 Cadillac CTS Luxury - $32,495
I just like it! Nothing imported or super expensive but I'd buy one!
MINE! I CALL DIBS!
Well, I believe different locations play different set of numbers..( Just my way of thinking)
Completely agree. Chrysler 300 with all the options would be just fine as well.
I'm just in love with luxury cars. I'd probably get 3 initially, and buy a new one every year(selling the previous of course).
I will claim the jackpot in my name & then form the RLT so that it is not broadcast in the media ........
I made the play last nite ...................
They were showing Nevada border towns on the news as people were forming huge lines crossing the boarder into California border towns to buy Mega Millions tickets.
I really hope this rolls over, I just want to see how out of hand the next jackpot would be.
OK, just wondering. Bought 20 tickets in three diff. spots...not making 20 diff. stops, too much effort there for me.
Nice pick! If I iwn I'm going for a fully equipped Lincoln MKZ
What fun what fun
As good as any other, basically it's all just a big crap shoot, this is the lottery! Winner could be first time player on 1 QP, or someone who
has been playing 40 years who spent his last $5000 on this Friday's drawing. Hence my "good" strategy comment was meant as more of
a generic "atta boy" wish him luck gesture.
na my guy i need all my chips now thats more than half of what the sports, rappers, and the wealthy have ill take me chips pronto
So those lotto lines i'm seeing on CNN are most likely for this draw and not 10yrs ago. Thats sick.
i need a foreign car. AMERICAN MADE are boring cars.
$14,330,769 is a nice after tax annuity but next year the top tier tax rate goes up (unless Congress extends the Bush tax cuts once again).
You will have no certainty from future Fed tax rate increase. If the top Federal rate goes to 70% (it's been higher in past years) then your payment dwindles down to $4,984,615 and that's assuming the Ohio state tax rate stays at 6%.
The cash value after tax in Ohio is $292,500,000 . If it earned a measly 2% in perhaps a Municipal tax free bond then you would net 5,850,000 each year without ever touching the principal.
While someone taking the annuity would be collecting their last payment 26 years from now, the person who opted for the cash would have already been paid over $152,100,000 tax free while still having the original $292,500,000 left in their account.
Not trying to persuade your mind but just wanted to give you a different perspective
Only $1.395M in Rumson, NJ (only is sarcastic)
5bd/5ba, 3,490 sq ft. Built in 2011
I'll put in an offer in a month when my MM check clears.
God most be pretty busy with all the prayers that are being said....
ii willllll be sicccccck to my stomach if one person wins
Personally if you win you should go out and buy a crappier car than what you have. Throw the scent off. lol
I would go pick up a 93 Chryler Voyager with 100,000 miles on it.
Even if you win?
Great idea Venom! Very creative!
Wow, this is just madness! But this has been so exciting to watch too.
I have to admit, I think it would be startling if it rolled over again.
I hear a lot of people are considering the annuity now, and I don't see why not. It really would be like winning the lottery for a couple decades! Maybe I'm just young (19, lol), but the fear of a governmental melt down to threaten any annuity set by the lottery (government bonds) seems a bit conspiracy theorist like. If the government was in such a shape that there is hyper inflation AND the government stops sending out the guaranteed payments, I think we would noticeably be in far greater trouble financially as a whole country.
Of course, you'd also have to worry about increases in taxes. That's another thing you'd be betting with the annuity, but even that I think could be manageable if you were deadset on getting it.
I think the only thing that would make me ere on the side of caution and take the lump sum is that it's paid over 26 years. That's both a blessing and a curse. The blessing is obvious, but the curse is- what if you die before the annuity finishes distributing to you? I hear that your family after your death would have to pay taxes on the ENTIRE amount of the winning, even though your estate hasn't received the entire thing (which would be paid to you heirs as well). That, to me, is a huge deterrent of the annuity option. I wouldn't want to put that burden on my family. You are more likely, I'm sure, to die tomorrow in a car accident than in fear the government is going to scale back on your annuity, just saying.
Although, if someone can tell me otherwise about the above, that would be great! I'm still learning about all this.
I suppose another deterrent would be your investment opportunity. I've read a comparison where if you were to invest the lump sum option versus the annuity every year you receive it, you still receive more return on the lump sum. But not everyone is interested in investing, of course, but it would be wise to grow your money and give it to the next generation.
Any more detailed information on this though would be greatly appreciated! I admit, I'm a novice.
Still undecided about the annuity versus lump sum option, but at this point, I think many of us would be happy with either.
If I win I will get a t-shirt that says "I am the 1%".
Don't all locations play different numbers?
yeAH becuz i wuld b soooooooooooooooooooo
happy
does'nt matter which bridge you use, no toll coming in, however,
you have to pay to get out.
I will be royally pissed off if a first time player off one QP wins it!
Though Lady Luck is an Equal Opportunity Wish Granter