5 Things To Consider Before Participating In The Mega Millions

megamillions lottery

Can’t stop dreaming about the Mega Millions Lottery? Get in line!

It is one of the most popular lotteries one can play across 44 states of the USA. The biggest attraction is, of course, the billion-dollar jackpot Mega Million offers on Fridays, but one could also settle for the $430 million (INR 30,47,16,49,000) prizes on Saturdays Powerball.

However, before you participate in the Mega Millions, here are a few things you should know about the lottery –

i. What Are Your Odds Of Winning?

You may pick the five numbers, but what are the chances that the numbers you have selected are the lucky ones? The probability of winning the Mega Millions jackpot is 1 out of 302.5 million, and that of the Powerball is 1 out of 292.2 million.

Now, if you are losing hope, consider that since 2002 there have been 185 jackpot winners (209 individual tickets).

ii. Should You Choose An Annuity Or A Lump Sum Payout?

Should you opt for a lump sum payout or annuity? Taking the lump sum may sound lucrative, but the $970 million (INR 68,74,95,26,000) jackpot comes down to $548.6 million (INR 38,88,24,63,880) when you take the entire amount at one go. While it is still a massive amount, it is $421.4 million (INR 29,86,70,62,120) less than the promised amount. It is no wonder people cry foul after receiving their lump sum payment.

On the other hand, opting for the annuity will get you the entire amount, but you will receive the payment in regular instalments over the next 30 years. It can get you the cash value of the Mega Millions jackpot and the interest accrued over time.

iii. Can You Share The Mega Million Wins With Others?

Since the beginning of the game, two or more tickets have shared 20 jackpots. At the same time, a winner can choose to share his or her winnings with another party.

Especially since office pools have become incredibly popular, many groups of colleagues and friends have won cash prizes that Mega Millions lottery offers. Apart from the winnings, the grand takeaway is group bonding and a fun evening, if you choose to pool tickets.

iv. How Can You Choose The Winning Numbers?

The chances of choosing winning numbers manually and via the machine are almost identical. Since there are 302 million possible combinations, only the odds in favour of your numbers matter and not the process of picking. Even if you don’t have the mixture to the jackpot, you can win other cash prizes.

Choosing the Megaplier option does give you the chance to multiply your winnings by 2, 3, 4 or 5.

v. Can You Choose To Remain Anonymous After Winning The Lottery?

Maryland, Delaware, Kansas, North Dakota, and Ohio allow the Mega Millions of jackpot winners to collect their winnings anonymously. The rest require the winners to announce their identity publicly for collecting the Mega Millions lottery jackpot.

Sadly, Alaska, Alabama, Hawaii, Mississippi, Nevada, and Utah do not participate in the Mega Millions lottery as of 2019.