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Topline The Mega Millions jackpot rose to $625 million—the year’s second biggest lottery prize so far—after no tickets matched all six numbers drawn on Tuesday night, although the eventual winner will take home a much smaller payout after paying their taxes. The Mega Millions jackpot has climbed to $625 million. Getty Images Key Facts If a winner emerges in the next draw, they will have the choice between taking the $625 million prize spread over 30 annualized or a one-time cash payout of $288.8 million—the preferred option for most winners. If the cash prize is chosen, the winnings will first drop to $219.5 million after a mandatory federal withholding of 24% is applied. The winner could then face a federal marginal rate as high as 37%, depending on their taxable income, which would further reduce their winnings to approximately $182 million. If the winner chooses the installment route, their annual payments of around $20.83 million would drop to $13.1 million after the 37% federal marginal rate is applied. The winner may also face additional taxes from their state of residence, as some states, such as New York, tax lottery winnings at 10.9%, while others, such as Texas, Florida, and California, don’t. What To Watch For The next Mega Millions lottery drawing is scheduled for Friday night. The Powerball jackpot currently stands at $273 million, and the next drawing is set to take place on Wednesday night. Surprising Fact A Mega Millions ticket buyer will need to overcome astronomical odds of 1-in-290.4 million to win the jackpot. This is a slight improvement over the lottery competition’s earlier odds of 1 in 302.5 million. Earlier this year, Mega Millions implemented major changes that also enhanced the odds of winning smaller prizes. Key Background Last month, two Powerball ticket buyers from Missouri and…

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Filed under: News - @ October 15, 2025 5:26 am