Mega Millions Jackpot $356 Million - Third Largest in History

By Myles Collier, Christian Post Contributor Tuesday, March 27, 2012

Mega Millions fever is spreading fast as excited lottery players aim to not only to become instant millionaires but have the opportunity to play for a chance to claim one of the largest jackpots in history.

With no one hitting the jackpot for the past several weeks the Mega Millions jackpot was able to grow to a massive level, allowing those eligible to play a chance to win a mindboggling $363 million.

If there is a winner they will have the option of selecting a 20 year payout or a lump-sum payment of $259.8 million after taxes.

Mega Millions officials stated that they had to revise the previous jackpot estimate of $356 million due to increased ticket sales.

This is the third largest Mega Millions jackpot and the fourth largest in United States jackpot history. The $259.8 million cash option is the largest cash option in history and was able to grow so large due to low interest rates.

Mega Millions drawings are held every Tuesday and Friday at 11 p.m. The game is played when five balls are drawn from a set of balls numbered one through 56; the Mega ball is drawn from a set of balls numbered one through 46.

Players can also pay an extra $1 for a Megaplier that if correct multiplies winnings, excluding the jackpot, up to four times the original amount.

Mega Millions is currently played in 42 states as well as Washington, D.C. and the Virgin Islands.

The largest Mega Millions jackpot ever won was $390 million in March 2007, according to gaming officials.

Also the odds of hitting the jackpot are 1 in 176 million while the odds for the overall chances of winning any prize are 1 in 40. Should anyone win they have 180 days to claim their prize.