Map: How Much Of the $740M Mega Millions Jackpot Does A Winner Receive

Another mega Millions jackpot is about to go down, yet as has happened with previous jackpots, its eventual winner won’t take home all of it.

Since no winner emerged during Tuesday’s drawing, Mega Millions’ jackpot has ballooned to more than $740 million ahead of Friday’s drawing (it could increase even further before numbers are drawn). At its current size, this prize ranks seventh-largest ever awarded through this lottery game.

Should anyone win the grand prize on Friday, however, they’d end up taking home what may amount to no more than an 18th-largest prize or worse.

There are three factors which have an effect on how much of a lottery jackpot a winner receives as their prize: payout style, taxes and split tickets.

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Mega Millions and Powerball offer winners two options when it comes to collecting their prize: annuity or cash options. In this instance, an annuity payout would likely total approximately $740 Million while cash payments might total an approximate value of roughly $366.3 Million.

Cash options typically refer to the sum necessary to fund the annuity option (an initial lump-sum payment and then 29 annual payments, each increasing by 5% annually).

If a winner prefers receiving all their funds now, cash might be their preferred method, while for those wanting an annuitized portion each year it might make more sense to them. Due to taxes neither option would reach its stated payout of $366.3 million cash and $740 million annuitized payments respectively.

State lotteries must withhold 25% of federal income taxes from jackpot winners of this magnitude, plus additional withholdings; when all taxes have been withheld from their payout totaling 37% will have been withheld; depending on where you reside even more could be taken out of their win.

USA Mega has performed an analysis and estimated the biggest cash payout a winner might collect at Friday’s Mega Millions drawing would be around $230.8 million while annuity payouts (in states without lottery taxing laws) total over $467.5 million.

Cash or Annuity Payout Options If You Win Mega Millions/Powerball Jackpots Which payout option should I select when winning mega Millions and Powerball jackpots?

After these few states, Arizona would likely provide the greatest payout: approximately $221.7 million in cash or $449 million annuity payouts; New York had one of the highest lottery withholding rates and its payout would likely total roughly $190.9 million cash and $386.8 million annuity payments.

The map below depicts USA Mega’s estimation for how much annuity and cash payouts may vary among states, according to their analysis.

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Calculations do not account for multiple winners in Mega Millions’ top prize pool of one in 302.6 Million, though multiple tickets in Friday’s drawing may match all six winning numbers – making their chances even better than winning by 1 chance in 302.6 million!

Mega Millions has seen several of its largest jackpots to be divided among three winners — $656 million prize in 2012 and a $648 million prize in 2013 — but recently two tickets from Encino, California sold together won a whopping $394 million jackpot (conveniently California doesn’t charge lottery taxes.).

However, should you strike it lucky on Friday and win the jackpot, experts recommend keeping the ticket safe before coming forward to claim any portion of it — regardless of its final size.

Mega Millions can be played across 45 states and the District of Columbia with tickets costing just $2 and nine possible ways of winning prizes! Drawings take place every Tuesday and Friday evening at 11 p.m. ET.