What is the largest Mega Millions jackpot in history? Stakes go up to $790M for top prize

The $790 million bounty is the fourth largest prize being offered in US lottery history

PUBLISHED JUL 23, 2022

The Mega Millions jackpot prize rose to $790 million, which is the fourth largest offering in US lottery history (Photo by Drew Angerer/Getty Images)

The Mega Millions jackpot prize increased to $790 million as no lucky winners claimed the $660 million prize on July 22. The $790 million bounty is the fourth largest prize being offered in US lottery history.

Among 'smaller' prizes, four lucky winners won $1 million each. The last winner of the Mega Millions jackpot came from Tennessee on April 15, who won $20 million in prize money, while the year’s biggest winner from California took home $426 million, having won in January itself. However, the biggest ever Mega Millions jackpot was an eye-watering $1.537 billion from South Carolina in 2018. The winner chose to stay anonymous.

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Had someone won the July 22 jackpot, they would have been able to withdraw $388 million after tax deductions. The new cash payout stands at $464.4 million. The odds of cracking the jackpot in Powerball or Mega Millions are said to be around one in 292 million.

I’m starting to sound like a broken record…but no one won Friday’s #MegaMillions jackpot. Meaning Tuesday’s jackpot is almost $800 million. #News19 pic.twitter.com/i6w83EvoqC
— Adam Lautenschlager (@Adam_Longname) July 23, 2022

Also, here's one of the smaller winners of the latest Mega Millions draw, who took home $1,500 in the cash-out option.

Jennifer Bolton from Gautier won $1,500 on her Mega Millions ticket purchased from Clark Oil Company on Hwy. 90, Gautier. As a novice player, she was very surprised that she won, but it encouraged her to keep playing! Way to go, Jennifer! pic.twitter.com/8WU4Xz5p3N
— themslottery (@TheMSLottery) July 22, 2022

Here's how to play Mega Millions

According to the Mega Millions website, tickets cost $2 per play. Players are required to pick six numbers from two separate pools, five different numbers from 1 to 70 (the white balls) and one number from 1 to 25 (the gold Mega Ball) - or select Easy Pick/Quick Pick. A player wins the jackpot by matching all six winning numbers in a drawing. The starting jackpot varies based on sales and is announced before each drawing. That said, there are nine ways to win a prize in Mega Millions, ranging from the jackpot down to the ticket fee of $2.

With the line stretching around the block, hundreds of people waited for over two hours to buy Mega Millions lottery tickets at Bluebird liquor store on March 29, 2012 in Hawthorne, California. The Mega Millions jackpot has reached a record high of $540 million.

If you win the jackpot, Mega Millions offers two options -- annuity and cash. The Mega Millions annuity is paid out as one immediate payment followed by 29 annual payments, with each payout being 5% larger than the previous one. This option is recommended as it "helps protect winners’ lifestyle and purchasing power in periods of inflation." On the other hand, the cash option provides a one-time, lump-sum payment that is "equal to all the cash in the Mega Millions jackpot prize pool."