Mega-Millions Winning Numbers for July 8 $540 Million Lottery: What if No One Wins?

Friday's Mega Millions prize reached $540 million in the Friday, July 8, drawing. The one-time cash payout option for Friday's game is estimated at $380 million.

• Winning Mega Millions Numbers for July 8 are: 8-19-20-55-73 with a mega ball of 5

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A March 2012 Mega Millions jackpot of $656 million held the record for the largest lotto jackpot in U.S. history until three winners split the almost $1.6 billion Powerball prize in the Jan. 13, 2016, drawing. Mega Millions has awarded 10 jackpots of more than $300 million.

The prize ranks as the seventh-largest jackpot in the United States of all lottery games, including Powerball, officials said, and the third-largest prize for the Mega Millions game in its history.

“The excitement is palpable as this is the largest American lottery jackpot since the world record $1.586 billion Powerball jackpot in January,” said Paula Otto, lead director for the Mega Millions group.

The odds of picking the correct numbers on five white balls and one yellow ball are one in 259 million.

Illinois residents 18 and over, can purchase Mega Millions and all of the Illinois Lottery’s draw-based game tickets by using the Illinois Lottery’s mobile app. The free app (the first of its kind in the United States) is available for download on iOS and Android devices and offers any Illinois adult the chance to purchase lottery tickets on their smartphone. Players can also purchase tickets online at illinoislottery.com and at nearly 8,000 retailers statewide.

QUICK MEGA MILLIONS FACTS

• Jackpots start at $15 million
• Overall odds of winning the jackpot 1:258,890,850
• Drawings are at 9:59 PM (CT) every Tuesday and Friday

So, what should you do if you win the big prize?

Many lottery winners hire an attorney, financial planner or both since most people don’t exactly know what to do when they suddenly come into so much money.

Some even bring their lawyer with them to claim their prize. The lottery itself does not offer any counseling services or advice for winners.

You have two choices when you claim your prize: the full value paid in 30 installments over 29 years or a one-time lump sum that is smaller than the actual total.

Then there’s the taxes. The federal tax on lottery winnings is 25 percent. Then, any extra income taxes like state or city would apply.

Image credit: Steven Tom via Flickr / Creative Commons