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The Mega Millions jackpot increases to 4 million. When is the next drawing?
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The Mega Millions jackpot increases to $514 million. When is the next drawing?

A lucky lotto player could celebrate the holidays with big bucks if they win the huge Mega Millions jackpot.

The current Mega Millions pot is $514 million, with the next drawing on Friday. The final drawing for the jackpot took place on Tuesday, but no one reached the numbers needed to take home the big prize.

The 10th largest Mega Millions jackpot was $552 million, putting the current prize around $38 million shy of a place in the top 10 largest pots, according to Nexstar.

Because lotteries are essentially voluntary taxes on players, the actual payout for winning the jackpot is not the real take-home pay. The tax authorities and local authorities where the winning ticket is sold receive a large share of the money.

At a price of about $514 million, the cash payout would be about $241 million, according to Today. The winner can expect to lose about $90 million in federal taxes, and even more if their state also has a state income tax.

The Mega Millions jackpot has reached $489 million just in time for Thanksgiving (Getty Images)The Mega Millions jackpot has reached $489 million just in time for Thanksgiving (Getty Images)

The Mega Millions jackpot has reached $489 million just in time for Thanksgiving (Getty Images)

And that’s if one winner takes all. The money will be divided among multiple winners.

Winners may find their lives turned upside down, and not always in a positive way. Only a few states allow jackpot winners to protect their anonymity, while others must fend off money pleas from friends, relatives and scammers.

Most players will never have to worry about that.

According to the Mega Millions website, a player has a 1 in 302,575,350 chance of matching all five white balls plus landing a gold Mega Ball.

The next Mega Millions drawing will take place on Black Friday, November 29, at 11:00 PM EDT.