Mega Millions Grows to $152 Million

After taxes, winners could receive $114 million

By Scott Weber
|  Tuesday, Dec 20, 2011  |  Updated 1:02 PM PDT
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Lotto players are hoping Christmas will come early—in the form of a big fat check.

Tuesday night's multi-state Mega Millions lottery draw has grown to an estimated $152 million, according to the California Lottery.

Thirteen tickets -- seven sold in California, three in New York, two in Texas and one in Virginia -- matched five numbers for Friday night's drawing, but none had the Mega number.

Mega Millions winners have the choice of a cash option or an annual payout. Under the annual payout plan, a jackpot is paid out over a 26-year period. For every $1,000,000 in the jackpot, winners receive approximately $38,500 per year before taxes, according to the lottery.

After taxes, that amounts to over $4 million per year for the current jackpot—or a total of $114 million, according to figures from usamega.com, a lottery monitoring site.

Under the one-time, lump-sum payout, winners would receive over $85 million after applicable taxes.

The retailer that sells the winning ticket will get a bonus payment of $760,000.

The odds of matching all five numbers and the Mega number is 1 in 175,711,536, according to the Mega Millions website. Overall chances of winning a prize are 1 in 40.

The Mega Millions game is played in 41 states, the District of Columbia and the U.S. Virgin Islands.


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