US jackpot value increases to ₹7,732 crore as there's no winner for months

livemint.com:

₹7,732 crore). This staggering sum comes after an extraordinary stretch of more than three months without a single jackpot winner in the game. The last time someone matched all six numbers and claimed the Mega Millions jackpot was back on April 18.

Since then, an astonishing 28 consecutive draws have passed without a winner, leading to the jaw-dropping prize money that awaits the fortunate player who manages to crack the winning combination. The current $940-million jackpot now ranks as the eighth-largest in the history of US lotteries. It comes on the heels of another momentous win, where a lucky individual in Los Angeles scooped a remarkable $1.08 billion ( ₹8,206 crore) Powerball prize just over a week ago, securing the title of the sixth-largest Powerball win in the nation's history.

Lottery jackpots often reach such colossal amounts due to the exceedingly slim odds of winning. In the case of Mega Millions, the probability of hitting the jackpot stands at approximately 1 in 302.6 million, making it a rare and elusive feat. The massive prize, if claimed by a sole winner, can be received in the form of annual payments spread over 30 years.

However, most jackpot winners typically choose the lump sum option, which for the latest draw would amount to a staggering $472.5 million, Associated Press reported. It's essential to keep in mind that, regardless of the chosen payment method, winners will be subject to federal taxes, and many states also levy taxes on lottery winnings. Mega Millions, a widely popular lottery game, is played in 45 states, along with Washington, D.C., and the U.S.