It finally happened. After a string of drawings where nobody quite managed to match every single number, the Mega Millions jackpot climbs to $740 million. That's a massive number. It’s the kind of money that makes you stare at the ceiling at 2:00 a.m. wondering if you’d buy a private island or just pay off your cousin’s mortgage and disappear.
Honestly, the hype is real. When the pot gets this high, people who never play—people who usually call the lottery a "tax on math skills"—start digging for crumpled five-dollar bills in their center consoles.
Why the Mega Millions Jackpot Climbs to $740 Million Right Now
We haven't seen a winner in a while. Since the last major reset, the prize has been rolling over twice a week, every Tuesday and Friday night. Because the tickets now cost $5 (a change that went into effect recently to help these prizes grow faster), the jump between drawings is getting much more aggressive.
The math is simple: more people buy tickets as the number goes up, which fuels the fire. It’s a cycle.
But let’s get real about the odds for a second. You’re looking at a 1 in 290 million shot. To put that in perspective, you are significantly more likely to be struck by lightning while being eaten by a shark. Okay, maybe not that extreme, but you get the point. It’s a long shot. Yet, someone eventually beats those odds. In late 2025, we saw a massive $980 million win in Georgia, and before that, a record-breaking $1.6 billion ticket in Florida.
The "Cash vs. Annuity" Headache
If you’re the one holding the ticket after the next drawing, you’ve got a massive choice to make. Most people see "$740 Million" and think they're getting a check for that amount.
✨ Don't miss: Melissa Calhoun Satellite High Teacher Dismissal: What Really Happened
Nope.
That $740 million is the annuity value. If you take that, the lottery pays you over 30 years. You get one immediate payment, then 29 more that increase by 5% every year. It’s the "responsible" choice. It protects you from yourself. If you blow the first year's money on a fleet of gold-plated Lamborghinis, you still have a check coming next year.
Most winners, though, go for the cash option.
The cash value for a $740 million jackpot is usually a little less than half the headline number—roughly $340 million to $360 million depending on interest rates. It sounds like a "loss," but having $350 million today is often worth more to an investor than $740 million spread over three decades.
Taxes: The IRS Is Your New Best Friend
You’ve won. You’ve picked the cash. Now, Uncle Sam enters the room.
🔗 Read more: Wisconsin Judicial Elections 2025: Why This Race Broke Every Record
The IRS automatically takes 24% off the top for federal withholding. For a $350 million cash prize, that’s $84 million gone before you even touch it. And that’s just the start. Since you’ll definitely be in the highest tax bracket (37%), you’ll owe the remaining 13% when you file your taxes.
Then there are state taxes. If you bought your ticket in California, Florida, or Texas, you're in luck—those states don't tax lottery winnings. If you’re in New York or Maryland? Prepare to hand over another 8% to 10%.
Basically, your $740 million jackpot actually ends up being about $180 million to $220 million in your pocket if you take the lump sum.
Still. It's $200 million. You'll be fine.
Common Myths About Winning Big
People love to give advice on things they've never done. You'll hear that you should immediately sign the back of the ticket. While that's generally true to prove ownership, some experts suggest waiting until you've spoken to a lawyer. Why? Because in some states, you can claim the prize through a trust to keep your name out of the headlines.
💡 You might also like: Casey Ramirez: The Small Town Benefactor Who Smuggled 400 Pounds of Cocaine
Once your name is public, your life changes. Your phone won't stop ringing. Long-lost "friends" from third grade will suddenly remember how much they loved you.
Another big misconception is that "quick picks" (the random numbers from the machine) lose more often. Actually, about 70% of winners are quick picks. Not because the machine is "lucky," but because most people use them. The numbers 16, 40, and 64 have been popping up a lot lately, but remember: the balls have no memory. Every drawing is a total reset.
What You Should Actually Do If You Win
If you see your numbers flash on the screen, do not run to the gas station screaming. Take a breath.
- Secure the ticket. Put it in a safe deposit box or a very high-quality home safe. Take a photo of the front and back.
- Stay quiet. Don't post it on TikTok. Don't tell your boss to shove it (yet).
- Build your "A-Team." You need a tax attorney, a reputable financial advisor (look for a fiduciary), and maybe a therapist. This kind of sudden wealth is a massive psychological shock.
- Check your state's anonymity laws. States like Arizona, Delaware, and New Jersey allow some level of privacy. Others, like New York, make it much harder to hide.
The Mega Millions jackpot climbs to $740 million because the dream is addictive. Even if you only buy one ticket for the "what if" factor, you're buying a few days of daydreaming. Just remember to play for fun, not as a retirement plan.
To prepare for the next drawing, your best move is to check the official Mega Millions website or your state’s lottery app for the most recent winning numbers and to find an authorized retailer. If you're playing in a pool with coworkers, make sure you have a written agreement in place before the drawing to avoid a legal nightmare later.