Mega Money started in 1998, the tenth anniversary of the Florida Lottery, as an 18 week trial and became a permanent feature in 1999. A few interesting facts regarding Florida Mega Money:
Mega Money is a 4 + 1 online draw
In 2004, Mega Money was revamped from a 32-by-4-plus-32 to a 44-by-4-plus-22 matrix.
Mega Money has 2 draws, Tuesday and Friday, with a live broadcast at 11pm EST
2 Ball machines are used: 4 are drawn from the white balls, 1-44 and one (called the Mega Ball) is drawn from the pink balls, 1-22.
Overall odds of winning a prize at just over 1 in 12
Mega Money jackpot can rollover to $2 million, but is then frozen
Florida Mega Money Odds of Winning
Match
Odds
Prize
4 of 4 + Mega Ball
1: 2,986,522
Estimated $500,000
4 of 4
1: 142,215.33
$1200
3 of 4 + Mega Ball
1: 18,665.76
$350
3 of 4
1: 888.85
$50
2 of 4 + Mega Ball
1: 638.15
$25
2 of 4
1: 30.39
$2
1 of 4 + Mega Ball
1:76
$3
Mega Ball
1: 32.68
Free ticket
If the Mega Money jackpot hits $2 million and there is no top prize winner, any excess funds will be be rolled down to the lower level prize tiers and will increase the payout to roughly double the normal cash payout.
Where you\\\'ll find Florida Mega Money information such as:
The advertised MEGA MONEY jackpots are for prizes paid to a single winner in 20 annual payments. A single Cash Option payment is available. MEGA MONEY jackpot winners who want to receive a single Cash Option payment must claim their prizes within the first 60 days of the 180-day redemption period. Appropriate federal income taxes will be withheld from both Cash Option and annual payments at the time payments are made.
The FLORIDA LOTTO and MEGA MONEY Cash Option is a one-time cash payment jackpot winners chose to receive instead of receiving their winnings in 30 annual payments for FLORIDA LOTTO and 20 annual payments for MEGA MONEY.
Jackpot winners who want to receive a single Cash Option payment must claim their prizes within the first 60 days after the draw date. If FLORIDA LOTTO or MEGA MONEY winners do not claim their prize within the first 60 days of the redemption period, their prize will be paid out in annual payments. Appropriate federal income taxes will be withheld from both Cash Option and annual payments at the time payments are made.
Federal Withholding Taxes:
If a Florida Lottery prizewinner is a citizen or resident alien of the U.S. with a Social Security number, the Internal Revenue Service requires the Florida Lottery to withhold 25 percent federal withholding tax from prizes greater than $5,000. If the prizewinner is a U.S. citizen or resident alien who does not have a Social Security number, The Florida Lottery is required to withhold 28 percent backup federal withholding tax from any prize more than $600. For nonresident aliens, the Florida Lottery is required to withhold 30 percent federal withholding tax from all prize amounts. The Internal Revenue Service requires the Florida Lottery to report all winnings $600 and above for U.S. citizens and resident aliens.
