Mega Millions (MM) is a US multi-jurisdictional $1 lottery game. Since it replaced The Big Game in May 2002 (see below), Mega Millions' advertised jackpots have started at $12 million, paid in 26 equal yearly installments (unless the cash option is chosen); the jackpot increases when there is no top-prize winner.
Reflecting common practice among American lotteries, the jackpot is advertised as a nominal value of annual installments. A cash value option (the usual choice), when chosen by a jackpot winner (see below), pays the approximate present value of the installments. Mega Millions currently uses a 5/56 (white balls) plus 1/46 (the Mega Ball) double matrix to select its winning numbers. Each game costs $1; in 43 of the 44 Mega Millions jurisdictions (California is the exception), there is an option, called Megaplier (such games are $2 each) where non-jackpot prizes are multiplied by 2, 3, or 4. The Megaplier was made available to all Mega Millions jurisdictions in January 2011; it began as a Texas-only option. Mega Millions is drawn at 10:59 p.m. Eastern time Tuesdays and Fridays, including holidays. Mega Millions is administered by a consortium of its 12 original lotteries and the drawings are held at WSB-TV in Atlanta, Georgia. supervised by the Georgia Lottery.
The largest jackpot in Mega Millions, as well as in American lottery history, was $656 million annuitized (with a cash option of $474 million) for the March 30, 2012 drawing in which there were three jackpot-winning tickets; one each in Illinois, Kansas, and Maryland. All three tickets had been claimed as of April 18, with each set of winners choosing the cash option.
Read more about Mega Millions: The 2010 Expansion of Mega Millions and Powerball, Current and Future Participating Members, Record Jackpots, The Draw, Record Jackpots (listed By cash Value), Revenue, 2012 Price Increase in Powerball, Miscellany
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