Mega Millions jackpot worth $800 million won in Florida: Winner beats 1-in-290.4 million odds, but there's a catch to the payout

In a surprising turn of events, a person in Florida in the United States woke up Wednesday morning hundreds of millions of dollars richer. A very lucky lottery ticket just hit the Mega Millions jackpot worth an estimated $800 million in the latest drawing that was held on Tuesday, July 28, 2026. The six winning numbers drawn on Tuesday night were 34, 48, 49, 59, 70 and gold Mega Ball 12. The $800 million jackpot is the highest lottery prize of the year so far.

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$800 million Mega Millions jackpot ticket sold in Florida

According to Forbes, the winner can collect their winnings in one of two ways: in 30 annual installments or a one-time cash prize of $344.2 million. The one-time cash prize of $344.2 million is the preferred option for most winners.


If the winner chooses the lump-sum cash option, the jackpot will first be reduced to about $261.6 million after the mandatory 24% federal tax withholding.

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However, that's not the final tax bill. Depending on the winner's total taxable income, they could owe taxes at the 37% federal rate, reducing the payout further to about $216.8 million.

If the winner chooses the annuity option, they would receive annual payments of about $26.7 million before taxes. After the 37% federal tax, each yearly payment would be about $16.8 million.

The good news for winners in Florida is that the state does not tax lottery winnings. Florida also has no state income tax, so there are no additional state taxes on the prize.

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Powerball jackpot next drawing

The Powerball jackpot, which has risen to $663 million, is set to have its next drawing on Wednesday night. The odds of winning the Mega Millions jackpot were 1 in 290.4 million. In simple terms, a player had just one chance in about 290.4 million of matching all the winning numbers. Despite those incredibly slim odds, a ticket bought in Florida won Tuesday night's jackpot.

The jackpot now resets to $50 million for the next drawing on Friday, July 31. The prize has a cash option worth $21.5 million.

In the new version of the Mega Millions game, which began last year in April, lottery officials say the odds of winning the jackpot have improved from one in 302,575,350 to one in 290,472,336.