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A Mega Millions win means big tax revenue, too

24 October, 2018, 08:10 | Author: Lawrence Cooper
  • Mega Millions could balloon to $2B if nobody wins next drawing

The amount of prize money the tickets will win is still undetermined, according to California Lottery.

At Holiday gas station in Escanaba, the business sold over $700 in Mega Million tickets by 1 p.m. Monday, according to Assistant Manager Shannon Thompson.

The numbers were 5-28-62-65-70 with a Mega Ball of 5 and a 3x Megaplier, with a chance at the at a jackpot which surpassed the largest US payout, previously set at $1.59 billion in a Powerball jackpot in January 2016.

Since Friday's drawing, ticket sales are at a frenzy.

Another added a hopeful note to their tweet, writing, "I didn't win #MegaMillions this time". Almost all winners opt for cash, but the annuity has advantages, as it reduces the tax bill a little and offers a stable flow of income that climbs by 5 percent annually.

But remember, you can't win if you don't play.

And speaking of Powerball: That game's next drawing is Wednesday, for an estimated jackpot of $620 million.

Van Sickle did the math and if you wanted to buy one ticket of every combination, it would cost you $605 million, which is still less than the jackpot.

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Other attorneys and lottery officials agree, though they acknowledge it can seem silly to draw up agreements and copy ticket stubs given the dismal odds of actually winning.

The numbers drawn in Tuesday night's drawing are 5, 28, 62, 65, 70 and Mega Ball 5.

Winners will take home about $687.7 million (£529.5m) in cash.

But Brock said she doesn't plan on buying a ticket. "I'm gonna buy a home for my children", another said.

The store has been busy with selling tickets, and he can tell customers are excited about the possibility of winning, Patel of Peru said.

"The important thing is you have to make sure that you pay attention to the inventory, and if you do that, you'll be surprised at what it'll do for you down the road", said Musto, Musto Tax and Insurance Services.

If he won, he'd open a school for the poor and give people free education with at least one location in the Illinois Valley and one in India where he is originally from.

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