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Mega Millions: $640 Million Now, $1 Billion On Tuesday?

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BOSTON (CBS) – The winning numbers for the Mega Millions jackpot were drawn Friday night.

They are 2-4-23-38-46 and the Mega Ball is 23.

Late Friday morning, lottery officials announced they were raising the jackpot to $640 million, the largest in history.

Listen: Lottery Executive Director Paul Sternberg talks to WBZ NewsRadio 1030

WBZ NewsRadio 1030’s Carl Stevens talks to lottery winner hopefuls

The previous jackpot record was $389 million, for a Mega Millions game in March 2007. Two winning tickets that year were purchased in Georgia and New Jersey.

The lump-sum cash option for Friday’s Mega Millions drawing of $462 million now exceeds that.

If no one wins, Beth Bresnahan, Director of Marketing & Communications for the Massachusetts State Lottery said in a statement that the next jackpot could approach $1 billion.

“If the top prize is not won tonight, the jackpot for Tuesday, April 3rd will skyrocket to an estimated $975 million,” the statement said in part.

The odds of winning a Mega Millions jackpot are 1 in 176 million.

But still, as the saying goes, it only takes one. And some customers at Hub convenience store in South Boston took that to heart when it came to buying their Mega Millions ticket.

“As you can see I’m playing one number. Birthdays and anniversary dates,” said one customer.

He’s banking on a now $640 million dollar jackpot that could go even higher, a payoff that seems like mad money.

“The jackpot is out of control. I can’t even count that high,” said another customer at the Hub.

For some it’s hard to fathom the amount of money that goes a long, long way.

“I think if I hit it I’d have a heart attack,” said one woman filling out her numbers.

The jackpot grew $100 million dollars overnight, after officials from participating states held a conference call and assessed the volume of ticket sales.

“Sometimes it’s good to dream. I could pay off all my bills and buy a house,” one hopeful said.

Dave Caruso from Coastal Capital Group says if you win you must get an estate attorney, financial planner and accountant.

“With big money comes big problems,” says Caruso. “The strategy depends on the person. Sudden wealth creates sudden problems and if you’ve never dealt with those things before, you need to get adjusted to that.”

Here’s a breakdown of what a winner from Massachusetts could expect:

Annuity: $640,000,000:

26 payments: $24,615,385

Fed Tax (25%): – $6,153,846

MA Tax (5%): – $1,230,769

======================

Yearly Payout: $17,230,770

After 26 years: $448,000,020

Cash Option: $462,000,000:

Fed Tax (25%): – $115,500,000

MA Tax (5%): – $23,100,000

======================

Total: $323,400,000

WBZ-TV’s Beth Germano and Jim Armstrong Contributed to this report

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