The total prize is for winners who choose the annuity option, paid annually over 29 years. Most winners opt for the cash option, which for Friday night’s drawing was an estimated $780.5 million.
Vehicles are parked outside the Illinois Speedway gas station in Des Plaines, Ill., where the winning Mega Millions lottery ticket was sold, Saturday, July 30, 2022.
Lottery officials had estimated the winning take at $1.28 billion, but revised the number up to $1.337 billion on Saturday. Illinois is among the states where winners of more than $250,000 can choose to not reveal their names and Illinois Lottery spokeswoman Emilia Mazur said the vast majority of those winners do just that.
Emily Irwin, managing director, Advice & Planning, at Wells Fargo’s Wealth & Investment Management, said Friday that the winner should consider keeping a low profile and resist going on an eyebrow-raising spending spree that everyone knows the winner cannot afford. “I would run a Monte Carlo market simulation,” Patel said, explaining that this is an analysis of what a winner’s annual income might be and what the proceeds from various investments might be. “What you’re doing is using analytics to inform your spending.”“I would suggest that you do that before you even set foot in a lottery office,” she said.
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