Biggest Jackpot Ever: Maine’s First Mega Millions

Many games are player in the live and online casino setting, including lottery games. In the state of Maine, a ticket was purchased that matched the drawn lottery numbers for the Mega Millions, securing if not the biggest jackpot ever, one of the biggest jackpot wins in history with a top prize of $1.35 billion. This staggering amount ranks as the 4th largest jackpot ever in lottery history, even overshadowing the best-paying online slots. However, post-tax deductions, the winner will receive less than half of that total.

Today’s casino news covers this amazing story and the events that made the winner be bummed about taxes.

The Biggest Jackpot Ever Went Home With Maine’s Luckiest

Last week’s Friday night drawing yielded a good string of numbers with five white balls (30, 43, 45, 46, and 61) and the notable gold mega ball (14). According to the lottery, these balls were all matched on a single ticket, awarding the winner a cash prize of $724.6 million. The authorities have not yet made the winner’s identity public, and they may never do so. Still, he or she joins a select group who overcame almost insurmountable odds to take home one of the biggest jackpots ever in American history.

Large prizes are more frequent in the multistate Mega Millions and Powerball drawings. Three of the six lottery jackpots that have exceeded $1 billion in the United States since 2016 have come from Mega Millions and its rival jackpot game, Powerball. Someone had a winning ticket for the drawing on Friday night after the previous 25 drawings had produced no winners. Also, it is worth noting that online slots also give out large winnings.

The winner has two options for obtaining their winnings: either as a somewhat smaller one-time cash lump amount, which is by far the more common choice among lottery winners or as an annuity that comprises an immediate cash payment followed by 29 monthly installments.

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Paying Your Taxes

The IRS automatically withholds over a quarter of the prize money as federal income tax, reducing the lump payment by almost $174 million to about $550 million. Depending on the ticket holder’s taxable income, dependents, and tax deductions like charity contributions, the reward might be reduced to as little as $456 million by the federal marginal rate of up to 37% that the winner must additionally pay.

State and federal taxes reduce the prize money by another $51 million, bringing it down to $405 million. According to the Maine State Lottery, there is a 7.15% tax on wins above $5,000 in Maine.

General Context

The jackpot increased from $1.1 billion this week after the previous drawing on Tuesday night, which was the 24th unfortunate drawing since the beginning of October when no ticket matched all six numbers required to win.

Although the Friday night drawing’s winner was not immediately known, it is the 2nd biggest jackpot ever in the Mega Millions reward and the 4th largest lottery payout in American history. This is less than the $2.04 billion Powerball jackpot won by a single California winner, last November, which is the biggest jackpot ever. 

The largest was a single ticket in South Carolina that matched all six numbers in October 2018 to win a $1.537 billion prize. Experts encourage winners to see a lawyer, a financial advisor, and an accountant as soon as possible. Winners should also thoroughly investigate the professionals they seek assistance from, checking their references and license status.

Conclusion

Everyone who has ever played physical jackpot casino games has imagined themselves hitting the jackpot. Not everyone can pull off an incredible chance of winning the mega million jackpot, but players are highly likely to win millions from the free roulette games and spin your night away in entertaining games!

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