Mega Millions jackpot reaches $489M before Thanksgiving: When is the next drawing?

On By Littum

(NEXSTAR) — Someone could start their Thanksgiving night a few million dollars richer thanks to a massive Mega Millions jackpot up for grabs.

Without a winner on Friday, Mega Millions jackpot has grown to an estimated $489 million with a cash option of $229.3 million prior to the next draw. If you’re hoping to try your luck, you may only have a few hours to buy a ticket before the draw at 10pm CT on Tuesday.

The current Mega Millions jackpot has grown since September, when a ticket sold in Texas landed an $800 million jackpot, the seventh-largest payout in the game’s history.

At $489 million, Tuesday’s potential prize is about $63 million not among the top 10 Mega Millions jackpots. To rank among the largest in the game’s history, the jackpot must first not be won on Tuesday night and reach an estimated $553 million. That would surpass a $552 million jackpot won in Illinois in June.

  1. $1.602 billion: August 8, 2023; Florida
  2. $1.537 billion: October 23, 2018; South Carolina
  3. $1.348 billion: January 13, 2023; Maine
  4. $1.337 billion: July 29, 2022; Illinois
  5. $1.128 billion: March 26, 2024; New Jersey
  6. $1.050 billion: January 22, 2021; Michigan
  7. $800 million: September 10, 2024; Texas
  8. $656 million: March 30, 2012; Illinois, Kansas and Maryland
  9. $648 million: December 17, 2013; California and Georgia
  10. $552 million: June 4, 2024; Illinois

However, the payout of the jackpot will be lower than the announced $489 million. Due to federal, state and local taxes, the total annuity premium would reach between $256 million and $309 million, according to USA Mega. The prize money will range from $134.2 million and $144.5 million.

If you are lucky enough to win the jackpot, even if you are not the only winner, experts recommend moves quickly to assemble a team that includes a lawyer, a tax advisor and a financial advisor. They also encourage you to protect your ticket and keep your win a secret for as long as possible.

It may be easier in some states than others – just a select few let winners of such a large jackpot remain anonymous.

Mega Millions tickets cost $2 each and are sold in 45 states, the District of Columbia and the US Virgin Islands. In addition to Tuesdays, drawings are held on Fridays at 10 p.m. CT. Players have a 1 in 24 chance of winning any Mega Millions prize.

The national lottery game is scheduled to undergo sweeping changes in the spring of 2025.