Mega Millions Jackpot Soars to $1.25 Billion

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No one won the Mega Millions grand prize on Aug. 1, propelling the lottery jackpot to an estimated $1.25 billion – the fourth-largest amount in the game’s history.

Six tickets – two from California, one each from Massachusetts, New York, North Carolina and Wisconsin – matched all five white balls to take home the game’s second-tier prize of $1 million. Another ticket from Texas matched all five white balls with the added “Megaplier” of 4x, which brought this winning to $4 million.

The Aug. 1 numbers drawn were 8, 24, 30, 45, 61, and the gold “Mega Ball” of 12. This was the 30th consecutive drawing without a grand prize winner, with the last one announced on April 18. The next drawing is Aug. 4th at 11 pm ET.

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The next drawing is set for August 4 at 11 pm ET. The cash option of the jackpot is estimated to be $625 million after taxes.

This jackpot surpassed the $1.05 billion jackpot won in January 2021, and it is quickly approaching the third-largest jackpot of $1.337 billion won in July 2022.

To win the jackpot, players must match all six numbers. The current odds of winning stands at one in 302.6 million. Mega Millions tickets are sold for $2 each and the game is offered in 45 U.S. states, Washington D.C., and the U.S. Virgin Islands.

Mega Millions winners have two options when receiving payments, according to the game's website. They can take the payout in a lump sum, which is the most common choice, or they can opt for an annuity. The annuity would be paid out as one immediate payment followed by 29 annual payments, each 5% larger than the previous year’s payment.

Experts say there are seven things to know about winning a lottery jackpot, and one of them is the need to contact financial professionals for assistance.

Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration.