What would you do with over $1 billion? You would probably have a plan if you earned the money gradually. But winning the money by playing a lottery jackpot is a different thing.
With the Mega Millions Consortium's drawing on August 8, there is a new multi-million winner. This was confirmed by the director of the Mega Millions Consortium, Gretchen Corbin.
Corbin is also the president of the Georgia Lottery. He announced that the Florida Lottery had sold the jackpot-winning ticket. Corbin congratulated 43.7 million other players who won different prizes throughout the jackpot levels.
Once in a While Win
Mega Millions operators are yet to tally all numbers. However, reports show the latest jackpot will likely set a new record. Previously, the richest jackpot at Mega Millions was $1.537 billion. It was won by one ticket sold to a player in South Carolina in October 2018.
For now, the August 8 Mega Million jackpot is the third richest offered in America's history. Powerball takes the first two spots for a $2.04 billion jackpot won in November 2022 and $1.586 billion in January 2016. A player in California won the $2.04 prize, while the 2016 prize was divided among three players from California, Tennessee, and Florida.
While the jackpot was above $1.5 billion, the winner will not get the whole amount. A player can choose to receive the whole amount over 30 years or cash out around $783.3 million.
In other words, a player can choose to get the whole advertised jackpot. The money will be based on a portfolio of bonds whose interest rates can continue to grow over the years.
Alternatively, the player can choose to get the money now. Unfortunately, the amount will barely reach $800 million.
The winning ticket was bought in Neptune Beach at Publix grocery store at 630 Atlantic Boulevard. It sits 15 miles east of Jacksonville. Whether the player chooses to get a one-time cash-out or annuitized option, they will pay a 37 percent tax to the federal government.
Florida does not consider lottery winnings as income. As such, the winner will not be taxed by the Floridian government. There are seven other states that do not tax lottery winnings.
If the winning ticket was bought in Georgia, the player would have won $45 million less. This is because the state imposes a 5.75 percent tax on lottery winnings.
So, no matter how you look at it, this is a special moment for the Mega Millions jackpot winner. The player beat the 1 in 302.5 million odds to win the jackpot and came from a state that does not tax lottery wins.
Were There Other Winners?
Over seven million tickets won the August 8 Mega Millions drawing. Most of these won the minimum prize of $2.
Another seven tickers won the second-place prize. These players matched five white balls, winning a prize of $1 million each.
Two players from North Carolina and Florida bought the add-on Megaplier, which multiplied their win by two. In other words, two of the seven second-tier winners earned $2 million.
