July 22 Mega Millions draw LIVE — Jackpot climbs to $660million and becomes the 9th largest payout in HISTORY

Remember: Your winnings can and will be taxed

The IRS can take up to 40 percent of lottery winnings.

The winnings can be further taxed, depending on the state the winner is in.

Winners go bankrupt

An estimated 70 percent of lottery winners spend all of their winnings quickly.

They end up losing the rest of their money within seven years of winning the jackpot.

Building generational wealth

In 2011, Jim and Carolyn McCullar from Washington won half of a $380million Mega Millions jackpot.

Back when the couple claimed the prize, it was the second-largest jackpot to be claimed in the US.

ABC News reported that instead of buying luxury goods or throwing their money away, the couple carefully planned for their winnings and built generational wealth for their family.

Tips to avoid being scammed, part three

Finally, be wary that someone may be using the lottery’s name without permission or the lottery’s knowledge.

• Never give out personal information or send money unless you verify the company’s or solicitor’s legitimacy.
• If someone offers to wire “winnings” directly to your bank account, do not give them your bank account information.
• If you are told you can “verify” a prize by calling a certain number, that number may be part of the scam. Instead of calling, look up the name of the lottery or organization on your own to find out its real contact information.
• If you think someone on the phone is trying to scam you, hang up immediately. If you engage, your name and contact information could end up on a list shared with other scammers.

Tips to avoid being scammed, part two

The lottery went on to say if you have caller-ID, check the area code when someone calls to tell you you’ve won.

If the call is from a foreign country, that is a red flag, among others:

• Some con artists use technology to disguise their area code so even if it looks like they’re calling from your state, they could be anywhere.
• Be suspicious if an e-mail contains misspellings or poor grammar, or if the person on the phone uses poor English.
• If you are told that you need to keep your “win” confidential, be suspicious.
• No real lottery tells winners to put up their own money to collect a prize they already won. If you are asked to pay any kind of fee to collect your winnings, you haven’t won.

Tips to avoid being scammed

The lottery provides a series of pointers that aim to help players avoid getting scammed.

• If someone says you won a lottery that you have never played, be suspicious. You can’t win a legitimate lottery if you didn’t buy a ticket.
• If you are in a jurisdiction that is outside the market area of the lottery or game mentioned as the source of the “prize,” then it is a scam.
• Real lotteries do not hold “international” sweepstakes, contests or awards for people who live outside their market area. Mega Millions, for example, is played only in the United States.

Gambling addiction resources

The Powerball website provides information and resources about the dangers of gambling addiction.

“For some people gambling can become a problem. If you or someone you know has a gambling problem, there are a number of helpful resources listed below,” it reads.

National Council on Problem Gambling24 Hour Confidential National HelplineCall: 1-800-522-4700Chat: Text: 1-800-522-4700Association of Problem Gambling Service Administrators

Resigning after winning the lottery

A 2009 study of Swedish lottery winners revealed that 62 percent of lottery winners chose to stay at their regular jobs, while only 12 percent of winners left their careers.

A National Opinion Research Center poll from 2016 also revealed that 70 percent of winners would still work, despite having won a whopping prize.

Using a debit or credit card to buy tickets

Whether or not you are able to use a debit or credit card to purchase lottery tickets depends on where you are.

In 21 states, you can purchase lottery tickets with a credit card.

However, 29 states do not allow this, so it’s best to have cash on hand if you’re planning on buying a ticket.

Sign your winning lottery ticket

Anyone who signs a winning ticket and presents a photo ID can claim their prize.

Signing your ticket will prevent anyone from falsely claiming your ticket as theirs.

Americans spend a lot on the lottery

Americans spend more money on lottery tickets than they do on video games, movies, music, sports teams, and music combined.

Per year, Americans spend over $70billion on lottery tickets, according to The Atlantic.

302million different number combinations

If you were to play every possible number combination for the Mega Millions, at $2 per ticket, you would likely spend more than the jackpot is even worth.

With 302million number combinations, you would spend $604million to play them all.

Beware of lottery scams, part three

Another common lottery scam is people posing as winners who want to share their wealth.

Each scam will try to trick the person into divulging personal information, or spending their own money to receive the “prize.”

Beware of lottery scams, part two

Scammers may identify themselves as being “with” Mega Millions or another lottery, even though Mega Millions is a game and not an organization.

They are very persistent and will use various tactics to try and get the consumer to divulge personal information.

Beware of lottery scams

Some scammers falsely use the Mega Millions and Powerball names.

Mega Millions will never notify winners via call, text, or email, according to the Mega Millions website.

Scammers may contact unsuspecting consumers by email, phone, or through social media sites, and tell victims they have won a large prize, including cash, cars, or other goods.

Lottery tickets vs. scratch-off tickets, part three

Ticket prices for Powerball and Mega Millions hold steady at $2.

Scratch-off game prices vary depending on the game. Some cost as little as $1 while others can cost upwards of $20.

However, the jackpots and potential winnings vary for both lottery tickets and scratch-off games.

Lottery tickets vs. scratch-off tickets, continued

With scratch-off tickets, you can pick which game you play. Aside from that, there are no numbers to choose from.

If you’re playing a lottery game like Powerball or Mega Millions, you have the option to pick your numbers, though you can also play at random.

Lottery tickets vs. scratch-off tickets

Scratch-off tickets provide instant gratification, as you can know within a matter of minutes of purchasing whether or not you’ve won a prize.

Lottery tickets have fixed drawings, so you will have to wait to see if you’ve won.

Can you play the lottery online?

In some states, there are ways to purchase subscriptions to some lottery games.

There have also been a number of lottery retailer apps that have launched in recent years, providing a safe alternative to purchasing lottery tickets in person.

Check your state’s guidelines to learn more about purchasing lottery tickets online

Mega Millions origin, part three

In May 2003, the name was changed to Mega Millions and more states joined.

From then on it grew rapidly, now being offered in 47 jurisdictions: 45 states plus the District of Columbia and the U.S. Virgin Islands.

Mega Millions also hold the record for the second-largest jackpot prize ever.

Mega Millions origin, part two

There was extreme growth for the Big Game in 1997.

A Tuesday drawing was added in February 1998.

Players were given a larger choice of numbers and a “cash payout” option in January 1999.

In May 1999, New Jersey became the seventh member state.

Mega Millions origin

On August 31, 1996, Mega Millions was introduced as the “Big Game.”

The first drawing took place on September 6, 1996, with six states participating: Georgia, Illinois, Maryland, Massachusetts, Michigan, and Virginia.

What is the Megaplier?

Players can choose to play the Megaplier for an extra $1, which can greatly boost the value of non-jackpot wins, according to Lottery.net.

A Megaplier number from 2 to 5 will be picked on the night of each Mega Millions draw.

Any rewards won by players other than the jackpot will be doubled by this Megaplier number.

With the exception of California, all states that participate in the Mega Millions lottery provide the Megaplier option.

What was the largest winning on a single ticket?

On October 23, 2018, a single Mega Millions ticket in South Carolina matched for $1.537billion.

In January 2021, another single ticket from Michigan won $1.05billion playing Mega Millions.