There are jackpots and there are Jackpots and I don’t care what you say, we all would love to get our hands on one. We’ve heard and seen stories before how people win crazy amounts of money through things like Euro Millions, PowerBall and Mega Millions.
Florida – Here We Come
Earlier this month, on August 8th, a record breaking $1.58 BILLION Mega Millions Jackpot was won! According to the Florida Lottery, the winning ticket was sold at a Publix grocery store at 630 Atlantic Boulevard in Neptune Beach, about 15 miles east of Jacksonville.
I don’t think money could buy the type of marketing the store owner will get from this.
Not the only $Billion Dollar Win of the Summer
What’s even crazier is that this jaw-dropping win was the second win of the summer of more than $1 billion. The other one took place on July 19th, when someone in California managed to win a $1.08 billion jackpot in the Powerball lottery.
The Beauty of a Progressive Jackpot
Thanks to a dry run of 31 drawings without a single ticket matching the 6 winning numbers, the jackpot had now reached $1.5 billion. Aw, the beauty of a progressive jackpot! When it was time for another drawing, a lucky winner in Florida managed to nail numbers 13, 19, 20, 32, and 33, with the Gold Mega Ball 14.
I honestly hope the winner didn’t watch the drawing live on TV because no matter how much fun it must be, I don’t think that would be healthy. Can you imagine?
Setting a New Mega Millions Record
A release from Mega Millions said that while the consortium is still tallying the final numbers for Tuesday night’s drawing, the jackpot is likely to set a new record once the pool is officially determined. Mega Millions’ previous richest jackpot was a $1.537 billion prize won by a single ticket sold in South Carolina in October 2018.
One Single Payment or Annually Over 30 Years
The winner will now have the pleasure of choosing between the annuitized $1.58 billion annuity paid out over 30 years or a one-time cash option of approximately $783.3 million.
How Does It Work?
Mega Millions reps are calculating the final jackpot offering based on a 30-year annuitized payout. The annuity, should the winner want the full value of the jackpot, is based on a portfolio of bonds backed by the U.S. Treasury.
With interest rates continuing to climb in what is the federal government’s attempt to ease inflation, the annuitized jackpots for Mega Millions and Powerball have been climbing in value faster than they did when the federal interest rate was near zero.
Florida Is A Tax Haven
Unfortunately for the winner, both prize options are before the federal government’s 37% tax levied on the nation’s top earners. Sure, it sucks, but check this out.
Florida is one of only eight states that doesn’t consider lottery winnings as individual income. Therefore, lottery wins in the Sunshine State aren’t subject to a state tax.
How to Lose $45 Millions
Not only did the lucky winner overcome the 1 in 302.5 million odds of winning the jackpot, but they were also lucky enough to have bought the life-changing ticket in Florida, where such wins are tax-free.
Should the ticket for example have been purchased in the neighboring state of Georgia, the state’s 5.75% state tax would have reduced the cash option by $45 million. Wow!
I think Florida can expect another rush of people looking to move in.
Top 3 Biggest Jackpot Wins
1. $2.04 billion
The largest lottery jackpot to date, a Powerball drawing, was won on Nov. 7, 2022. The ticket was sold at Joe’s Service Center in Altadena, Calif., just north of Pasadena.
2. $1.586 Billion
The third biggest jackpot came from Powerball in 2016. Not only was it an incredibly big win, but it actually had to be split three ways. Why? Because there were 3 tickets with the winning numbers. The Winners came from California, Tennessee and Florida.
Having to split a Jackpot is a shame but I would be ok with $528 million, wouldn’t you?
3. $1.580 Billion
The third biggest lottery win was the Mega Millions jackpot won on August 8th, 2023.
Progressive Slot Jackpots
Powerball and Mega Million lottery aside, there’s plenty of cash to win by playing online slot machines as well. Mega Moolah by Microgaming is one of many gifts that keep on giving Mega Moolah has reached legendary status for a reason.
Being the undisputed biggest and baddest progressive online jackpot slot, Mega Moolah has paid out more than €1.4 billion in total over the years and changed the lives of many.
Don’t forget that Microgaming also offers the new WowPot Jackpot!
It was in September 2018 when a player literally slam-dunked a mouth watering €18,915,872.81 jackpot! Not just that, it was won on an Android phone! Imagine doing it on your lunch break or while commuting home from work.
Let’s Win Big!
You won’t have any problems finding progressive jackpot games anywhere online so take your pick from my favorite casinos and go wild!