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How are Mega Millions jackpots calculated? What you need to know before winning $510 million

(NEXSTAR) – Another lottery jackpot has grown to a record size this year, just a few months after two record-breaking Mega Millions and Powerball jackpots were smashed.

If you haven’t been following the lottery frenzy over the past few months, allow us to bring you up to speed.

Mega Millions ticket in July nearly $1.4 billion was sold in Illinois. It was the third largest lottery prize in US history did not demand for almost two months.

By the time the ticket was claimed, another jackpot had hit, this time from Powerball. Without a winner for approximately three months, the jackpot was able to be reached 2.04 billion dollars – the largest Powerball and US Lottery win in history – before a ticket sold in California matched winning numbers.

We’re waiting again for a winner (the lucky one from California is still out). more than 320 days get ahead), another big lottery jackpot is brewing.

After no ticket matched all six numbers in Tuesday’s Mega Millions drawing, the jackpot reached approx. 510 million dollars.

It’s nearly one of the biggest jackpots in the game’s history, ranking 11th behind last year’s $516 million jackpot, according to Mega millions. But as we saw with the Powerball prize just two months ago, that jackpot can grow quickly before the next drawing on Friday.

But how is the Mega Millions jackpot calculated?

There are several factors on which the estimated value of the jackpot is based.

Like mega millions explainsMega Millions members meet on Tuesdays and Fridays (daytime drawings) to determine the approximate jackpots for the next two drawings.

An obvious factor to consider is ticket sales. State-level ticket sales estimates are used to determine the approximate cash value of Mega Millions jackpots. Officials are also reviewing the 30-year U.S. Treasury bond rate that day. This is an important number because winners can qualify for an annuity option that divides their prize into 29 annual payments that are 5% more than previously awarded.

Also, after the draw, jackpots often become larger than expected. This is partly due to the fact that 70% of sales occur on the day of the draw, and sales can be affected by external factors such as the weather (which may affect Friday’s draw), which makes estimating the exact numbers in advance a difficult task. Changes in the US Treasury bond rate can also affect the jackpot.

So how much will the prize increase before Friday night’s draw? It’s hard to say.

Between the Friday, December 9 and Tuesday, December 13 draws, the jackpot increased by approximately $29 million to approximately $429 million. Now, a week later, the jackpot has grown by about $81 million to $510 million.

Based on these changes, it’s likely that Mega Millions will increase by several million dollars before Friday night’s drawing. It’s entirely possible that the jackpot will break into the top 10 largest in the game’s history — it’s just $6 million behind the 10th largest.

Another important component of jackpot growth is that you cannot have frequent jackpot winners. If someone wins the top prize, it is reset to a lower value. However, lottery games like Mega Millions are designed to have multiple drawings without a jackpot winner. The odds of winning the game’s top prize are 1 in 302.6 million.

If you’re ready to try your luck and hit the half-billion dollar jackpot, Mega Millions is played in 45 states and the District of Columbia. Tickets are $2 and there are a total of nine ways to win a prize.

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How are Mega Millions jackpots calculated? What you need to know before winning $510 million

(NEXSTAR) – Another lottery jackpot has grown to a record size this year, just a few months after two record-breaking Mega Millions and Powerball jackpots were smashed.

If you haven’t been following the lottery frenzy over the past few months, allow us to bring you up to speed.

Mega Millions ticket in July nearly $1.4 billion was sold in Illinois. It was the third largest lottery prize in US history did not demand for almost two months.

By the time the ticket was claimed, another jackpot had hit, this time from Powerball. Without a winner for approximately three months, the jackpot was able to be reached 2.04 billion dollars – the largest Powerball and US Lottery win in history – before a ticket sold in California matched winning numbers.

We’re waiting again for a winner (the lucky one from California is still out). more than 320 days get ahead), another big lottery jackpot is brewing.

After no ticket matched all six numbers in Tuesday’s Mega Millions drawing, the jackpot reached approx. 510 million dollars.

It’s nearly one of the biggest jackpots in the game’s history, ranking 11th behind last year’s $516 million jackpot, according to Mega millions. But as we saw with the Powerball prize just two months ago, that jackpot can grow quickly before the next drawing on Friday.

But how is the Mega Millions jackpot calculated?

There are several factors on which the estimated value of the jackpot is based.

Like mega millions explainsMega Millions members meet on Tuesdays and Fridays (daytime drawings) to determine the approximate jackpots for the next two drawings.

An obvious factor to consider is ticket sales. State-level ticket sales estimates are used to determine the approximate cash value of Mega Millions jackpots. Officials are also reviewing the 30-year U.S. Treasury bond rate that day. This is an important number because winners can qualify for an annuity option that divides their prize into 29 annual payments that are 5% more than previously awarded.

Also, after the draw, jackpots often become larger than expected. This is partly due to the fact that 70% of sales occur on the day of the draw, and sales can be affected by external factors such as the weather (which may affect Friday’s draw), which makes estimating the exact numbers in advance a difficult task. Changes in the US Treasury bond rate can also affect the jackpot.

So how much will the prize increase before Friday night’s draw? It’s hard to say.

Between the Friday, December 9 and Tuesday, December 13 draws, the jackpot increased by approximately $29 million to approximately $429 million. Now, a week later, the jackpot has grown by about $81 million to $510 million.

Based on these changes, it’s likely that Mega Millions will increase by several million dollars before Friday night’s drawing. It’s entirely possible that the jackpot will break into the top 10 largest in the game’s history — it’s just $6 million behind the 10th largest.

Another important component of jackpot growth is that you cannot have frequent jackpot winners. If someone wins the top prize, it is reset to a lower value. However, lottery games like Mega Millions are designed to have multiple drawings without a jackpot winner. The odds of winning the game’s top prize are 1 in 302.6 million.

If you’re ready to try your luck and hit the half-billion dollar jackpot, Mega Millions is played in 45 states and the District of Columbia. Tickets are $2 and there are a total of nine ways to win a prize.

Reported by Source link

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