Mega Millions - Prizes
Mega Millions has nine different prize tiers, ranging from $2 all the way up to the jackpot, which is always guaranteed to be over $40 million. There is also no cap or rollover limit, meaning prizes can easily run into the hundreds of millions of dollars.
The prize tiers break down as follows in the majority of states:
|Prize Tier||Odds of Winning||Prize Amount|
|Match 5 + Mega Ball||1 in 302,575,350||Jackpot|
|Match 5||1 in 12,607,306||$1,000,000|
|Match 4 + Mega Ball||1 in 931,001||$10,000|
|Match 4||1 in 38,792||$500|
|Match 3 + Mega Ball||1 in 14,547||$200|
|Match 3||1 in 606||$10|
|Match 2 + Mega Ball||1 in 693||$10|
|Match 1 + Mega Ball||1 in 89||$4|
|Match 0 + Mega Ball||1 in 37||$2|
|Overall odds of winning a Mega Millions prize are 1 in 24|
The only exception to this is the state of California, which calculates prizes on a pari-mutuel basis, meaning that payouts are determined by the number of tickets sold and the number of winning tickets.
For an extra $1, you can play the Megaplier, which significantly increases the size of the non-jackpot prizes you can win. Prizes can be increased two, three, four, or five times, depending on the number drawn on the night.
The table below shows examples of how much the different prize tiers could grow when played with a Megaplier:
|Prize Tier||2x Megaplier||3x Megaplier||4x Megaplier||5x MegaPlier|
|Match 4 + Mega Ball||$10,000||$15,000||$20,000||$25,000|
|Match 3 +Mega Ball||$100||$150||$200||$250|
|Match 2 + Mega Ball||$10||$15||$20||$25|
|Match 1 + Mega Ball||$4||$6||$8||$10|
|Match 0 + Mega Ball||$2||$3||$4||$5|
How to Claim a Mega Millions Prize
So you've matched all (or some) of the numbers selected and you've landed an awesome Mega Millions prize. What do you do now?
Prizes of up to $600 can generally be collected at retailers in the state in which the Mega Millions ticket was bought. If you win a larger prize, notify the relevant State Lottery, who will take you through the next steps. Online players will be notified of wins by email, and will be guided through the process of collecting prizes.
If you've won the jackpot, then you can choose a lump sum payment or an annuity. If you choose the annuity, you will receive one immediate payment and 29 annual payments after that. Each payment will be five percent larger than the last one in order to match the cost of living over time. If you choose the cash payment, you will receive a one-time payment equivalent to the cash in the jackpot prize pool.
Any winnings you receive from Mega Millions will be subject to federal income taxes, as well as any applicable state income taxes. Several of the participating states – Wyoming, Washington, Texas, South Dakota, and Florida – don't levy income taxes on their residents. Tennessee and New Hampshire only impose tax on income from dividends and interest.
If you've just matched all the numbers and are already looking at yachts and mansions, then it might be a good idea to do some math and see how much you have actually won, as the advertised jackpot does not account for state and federal taxes.