Took a while: $800M Mega Millions jackpot finally drops

• Mega Millions goes without a winner for 38 weeks, but this ended on Wenesday, when a winner took home the $800m prize
• The winner(s)’ identity is not known currently, but the ticket was sold in Florida
• If opting for the lump sum, the winner would take home $344.2m, while the annuity option could offer $505.3m over 29 years

The Mega Millions jackpot has definitely been building up for a while, with the game taking 38 draws before it could produce its most recent winner, and coming a four-month drought.

Mega Millions’ 10th biggest jackpot drops

Regardless, a ticket sold by the Florida Lottery has secured the life-altering prize, with the news confirmed by the organization, and further details about the win released.

With the current jackpot the 10th highest to have been won, the numbers used to secure the prize were 34, 48, 49, 59, and 70, with a Mega Ball 12. While the headline figure is impressive, it comes with some strings attached to it.

It’s mostly has to do with how the prize can be claimed, as no player can claim the full amount. Rather, the Florida ticket holder - or holders - may opt for a one-time cash option worth $344.2m or choose an annuity option over 29 years, which will save them money.

The annuity, however, could seem more attractive in theory as it offers $505.3m after federal taxes. The drawback, argue financial advisors, is that by the time the full amount is paid, a person opting for the lump sum would have generated more wealth by investing their money straigth-up.

It’s further worth noting that every state taxes lottery winnings slightly differently, and while it may have been $344.2m in Florida, it could have been more or less of that amount in other states across the nation.

As for the odds of winning the Mega Millions game, they are certainly not slim, estimated at 1 in 292.2m.

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