$1.58 billion Mega Millions jackpot is the 3rd largest in U.S. history

Associated Press
Tuesday, Aug. 8, 2023 8:07 a.m. | Tuesday, Aug. 8, 2023 8:07 a.m.

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Lottery forms are shown, Monday, Aug. 7, 2023, at the Presidente Supermarket in the Little Havana neighborhood of Miami. Mega Millions jackpot has grown to $1.55 billion, making it the third-largest ever ahead of Tuesday night’s drawing. (AP Photo/Wilfredo Lee)

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A Mega Millions ticket is seen as a person makes a purchase inside a convenience store, ahead of Tuesday’s Mega Millions drawing of $1.55 billion, Monday, Aug. 7, 2023, in Kennesaw, Ga. There now have been 31 straight drawings without a big jackpot winner. (AP Photo/Mike Stewart)

Lottery players will have another shot Tuesday night at a massive Mega Millions prize that ranks as the third-largest jackpot in U.S. history.

The estimated $1.58 billion prize has been gradually building for months thanks to 31 straight drawings without a jackpot winner. The last time someone won the game’s top prize was April 18.

Each drawing without a winner pushes the prize closer to the record $2.04 billion Powerball jackpot that someone in California won last year.

Mega Millions jackpot winners are so rare thanks to odds of 1 in 302.6 million.

• Mega Millions jackpot soars to $1.55 billion, so here's how hard it is to win

The $1.58 billion payout would go to a winner who opts for an annuity, doled out over 30 years. But people usually prefer a lump sum option, which for Tuesday’s jackpot would be an estimated $783.3 million.

The money would be subject to federal taxes. Many states also tax lottery winnings.

Mega Millions is played in 45 states, Washington, D.C., and the U.S. Virgin Islands.