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Tuesday night’s Mega Millions lottery jackpot for January 5, 2021, is worth an estimated $432 million. It’s been some time since Mega Millions got this large. Do we know yet if anyone won the Mega Millions jackpot? It typically takes one to two hours for results to come in, sometimes longer if more people take part in the drawing. As of 1 a.m. Eastern on January 6, the results were still listed as pending. Here’s how to stay updated on if someone won.
Results Typically Take at Least 2 Hours to be Known
How long it takes to get back the results of a Mega Millions drawing will depend on how many people played. And often, the larger a jackpot gets, the longer it takes to know results.
The drawing takes place at 11 p.m. Eastern every Tuesday and Friday, which means the results are typically announced by 1 a.m. Eastern. So you can expect typically expect to know if anyone won between 12 a.m. and 1 a.m. Eastern tonight. Sometimes when drawings get larger, it takes longer. Back in December 2019, for example, the $340 million drawing results weren’t announced until 2 a.m. Eastern, when participants learned that no one had won the big jackpot.
As of 1 a.m. Eastern on Wednesday, January 6, the results were still listed as “pending.”
So how can you stay updated to know if someone won? You can check the Mega Millions website. If a winning jackpot ticket was sold, Mega Millions will update its website to show the jackpot is starting over at $40 million. Mega Millions’ website will read that the estimated jackpot for the next drawing is “Pending” until that’s known. If no one does win, then the estimated jackpot will be increased from $432 million.
In order to win the jackpot, you’d need to match all five white balls and the yellow Mega ball.
The odds of winning Mega Millions are 1 in 302.6 million, which are actually less than the odds of winning the Powerball, which is 1 in 292.2 million.
Mega Millions’ Largest Jackpot Was in October 2018
In October 2018, Mega Millions reached a jackpot level of more than $1 billion, which essentially tied Powerball for the largest jackpot in U.S. history. Mega Millions’ jackpot was $1.6 billion and it was won by someone in South Carolina. That person chose to stay anonymous, ABC News reported.
Powerball’s largest jackpot was in January 2016, when it was $1.6 billion too. In January 2016, the $1.6 billion Powerball jackpot was split among three winners in Tennessee, Florida, and Chino Hills, California.
How Much Is Tonight’s Jackpot Worth?
Tonight’s jackpot is worth $432 million. The cash option, if the winner chooses that, will be $329.7 million (this is how much it’s worth if taken in a lump sum all at once before taxes.)
It’s worth noting that thanks to taxes, you’ll actually be taking home less than that. Taxes are taken not only at the federal level, but may be taken at the state level too depending on where you live.
Lottery Critic offers a Mega Millions Payout Calculator that is helpful in determining what the winnings will actually be. In this case, the jackpot is $432 million (it might be slightly different depending on how many play, but it will be close to that amount.)
If you’re in Texas, a lump sum will have you taking home $200,275,200 after the 24% federal taxes are removed. If you choose the annuity option, you’ll get a net payout of $328,320,000 total. You’ll get a little almost $5 million your first year, and payments will range around a little more than $5 million, then more than $6, then more than $7 as the years progress. (Interestingly, USA Mega also provides a payout calculator, and they are estimating the lottery will be worth $447 million and a Texan would take home about $9.4 million a year.)
What if you’re in Oregon? Thanks to state taxes, you’ll only take home $179,193,600 if you choose the lump sum total. If you choose the annuity total, you’ll take home a net total of $293,760,000, but that will be divided out over 30 years. Your first year, you’ll take home a net total of about $4.4 million, by year 10 that will be about $6.8 million, Lottery Critic estimates. (Interestingly, USA Mega also provides a payout calculator, and they are estimating the lottery will be worth $447 million and a person from Oregon would take home about $7.9 million a year net after taxes.)
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