Friday, August 10, 2007

Megamillions

Mega Millions is a multi-state US$1 lottery game in the United States. Twelve U.S. states currently license Mega Millions as a provider of multistate lotteries in those states (29 states, the District of Columbia, and the US Virgin Islands license Powerball, MegaMillions' main competitor). As of 2007, Mega Millions features jackpots of at least US$12 million, payable in 26 annual payments or a lump sum cash payout. As will be explained later, there are differences in playing Mega Millions from state to state. Mega Millions is drawn Tuesdays and Fridays; the current estimated jackpot for Friday, August 10, 2007 is US$105 million, with a cash option of about $61.0 million.

History
Big Game logo prior to the Mega Millions name change.Tickets went on sale in Georgia, Illinois, Maryland, Massachusetts, Michigan and Virginia for the new lottery on August 31, 1996. It wasn't Mega Millions back then, it was The Big Game. Six days later, the first drawing was held. Drawings were held weekly on Fridays until they held a Tuesday drawing on February 10, 1998. On January 13, 1999, jackpot winners had the choice to claim the prize in lump sum for the first time (however, an Illinois winner in late 1998 was allowed to receive their prize in cash.) In May 1999, New Jersey joined The Big Game.

On May 9, 2000, The Big Game offered a jackpot worth $363 million. The prize was won by two ticket holders from different states. This was the largest under its old name and was once the world's largest. This was later surpassed on February 18, 2006 by a $365 million jackpot from Powerball, the other big interstate lottery.

On April 16, 2002, the last Big Game jackpot was won. This prize was worth $331 million and there were 3 winners. On May 14 that year, The Big Game held its last drawing.

New York and Ohio joined the Big Game on May 15, 2002. This was when the game was changed to its current name, Mega Millions. Also the "Big Money Ball" changed its name to the "Mega Ball." After its name change to "Mega Millions" from "The Big Game," the yellow ball in the logo of the Mega Millions read "The Big Game." The first Mega Millions drawing was held on May 17, 2002. Three more states joined. These are Washington in that same year, Texas in 2003, and California in 2005.

After rolling over 15 times, Mega Millions offered a jackpot $390 million on March 6, 2007. This set a new world record for the largest jackpot, returning the title to Mega Millions after being held briefly by Powerball. There were two winners in the $390 million draw, one from Georgia and one from New Jersey.

Playing the game
As of 2007, to play the game, a player pays one dollar and picks five numbers from 1 to 56 (white balls) and one additional number from 1 to 46 (the Mega Ball number, a yellow ball). In Georgia, New Jersey, New York, and Texas, the player must also choose, in advance, whether they wish to collect a jackpot in lump sum or annuity. Georgia and New Jersey winners can change an annuity ticket to cash; however, the choice is binding in New York and Texas. Tickets may be obtained from either retail locations, or by mail in select states (currently, only Illinois, Maryland, Massachusetts, New Jersey, New York and Virginia offer subscriptions by mail).

Previous incarnations of the Big Game and Mega Millions have had different matrices:

Date Pick 5 out of Pick 1 out of
September 9, 1996 50 25
January 13, 1999 50 36
May 15, 2002 (became Mega Millions) 52 52
June 22, 2005 (current) 56 46

Tickets must be purchased 15 minutes prior the draw (usually 11:00 PM Eastern time), accounting for local time zone differences.

Laws and regulations vary slightly and are generally governed by the applicable laws in the state where the ticket is sold, and the winner's home state (e.g. if a New Jersey resident buys a winning ticket near their workplace in Manhattan.) Mega Millions winnings are generally exempt from state income tax in California and New Jersey; Texas and Washington have no state income tax. On the other hand, residents of New York City and Yonkers, New York pay city tax in addition to state and federal taxes.

As of 2007, a player wins a prize according to the following chart:
Matches Payout Odds of winning
Normal balls
(pool of 56) Mega ball
(pool of 46)
5 1 Jackpot 1 in 175,711,536
5 0 $250,000 1 in 3,904,701
4 1 $10,000 1 in 689,065
4 0 $150 1 in 15,313
3 1 $150 1 in 13,781
3 0 $7 1 in 306
2 1 $10 1 in 844
1 1 $3 1 in 141
0 1 $2 1 in 75
Overall odds of winning any prize 1 in 40

The overall payout in Mega Millions is 50 percent.

The Texas Lottery offers players a chance to multiply lower-tier prizes. This feature is called "Megaplier".

Machines Used
Like most games that used power or bonus balls, a pair of machines are used. The balls are moved around inside a rotating drum. The winning balls drop through a hole in the drum a single at a time.

The draw
Drawings are usually held at WSB-TV in Atlanta at 11:00 PM Eastern time on Tuesdays and Fridays. Usually, the announcer is WSB's chief weather forecaster, Glenn Burns. However, drawings may sometimes be held elsewhere:

On February 20 and July 2, 2004, when the jackpot reached near-record levels (annuitized values of US$230 million and US$290 million, respectively), the draws were held in Times Square with popular New York Lottery draw host Yolanda Vega.
On June 24, 2005, to commemorate California joining Mega Millions, the drawing was held in Hollywood, California with Carrie Underwood assisting Glenn Burns for the draw.
On March 6, 2007, the draw returned to Times Square with host Yolanda Vega due to the the world's largest jackpot offered (an annuitized jackpot of US$390 million).

megamillions

Megamillions

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