A lucky ticket sold in Newnan, Georgia, has scooped up the massive $980 million (around R18 Billion!) Mega Millions jackpot in Friday's draw. That's a lot of moola, bra! The winning numbers were 1, 8, 11, 12, and 57, with a Mega Ball of 7.
Details of the Win
The jackpot had been steadily growing since June when a winner in Virginia claimed a $348 million prize. This win marks the eighth-largest Mega Millions jackpot since the game began in 2002. A ticket sold in Michigan matched the five white balls and had a 3X multiplier to win $3 million. It was sold at a Marathon gas station located at 4421 W. Centre Ave. in Portage.
What's Next for the Winner?
The winner has a choice: receive the full $980 million in 30 annual installments or take a lump sum cash payout of $452.2 million (approximately R8.4 Billion). Most winners opt for the cash option, even though it's significantly less than the advertised jackpot.
Tax Implications: A Big Bite!
Uncle Sam and the state of Georgia are going to want their share. If the winner chooses the lump sum, they'll face a mandatory federal withholding of 24%, reducing the winnings to around $343.7 million. Furthermore, a federal marginal rate as high as 37% could apply, potentially dropping the final take-home amount to approximately $284.9 million.
Georgia also taxes lottery winnings as ordinary income, with a flat income tax rate of 5.19%. This means the winner could owe nearly $23.5 million in state taxes on the lump sum.
After all the taxes are paid, the winner could end up with around $261.4 million (R4.8 Billion) from the initial R18 Billion jackpot. Still a lekker amount, but a reminder that taxes are a certainty, even with lottery wins!
Next Drawing
Don't despair if you didn't win this time! The next Mega Millions drawing is on Tuesday, November 18th. Tickets cost $5 (around R93) and can be purchased until 10:45 p.m. on the night of the draw.
How to Play Mega Millions
- Pick five numbers from 1 to 70 (white balls).
- Pick one number from 1 to 24 (gold Mega Ball).
- Or select the Easy Pick/Quick Pick option for randomly generated numbers.
Good luck for the next draw, boet!