How can you win on the mega millions

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There's a chance that a Mega Millions player is going to wake up Saturday morning with a $410 million windfall in their lap.

That's the advertised jackpot amount for the lottery game's next drawing, set for Friday night. It's the third time this year the top prize has crossed the $400 million mark, but the amount remains far below the $1.34 billion jackpot won in July.

Powerball's jackpot isn't far behind for its Saturday night drawing: $378 million.

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While the chance of a single ticket hitting all six numbers drawn in either game is slim — it's 1 in about 302 million for Mega Millions and 1 in 292 million for Powerball — it's worth remembering that if you do actually win, it's not as simple as picking up a check and going on with your life.

"Understand that this might be a wonderful event, but people are caught off guard by how stressful it is," said Susan Bradley, a certified financial planner and founder of the Sudden Money Institute in Palm Beach Gardens, Florida.

While stress from winning a life-changing amount of money may be tricky to avoid, there are three key things you can do right out of the gate to protect your winnings.

1. Tend to your ticket

It's important to keep your ticket safe. Experts recommend taking a photo of yourself with the valuable slip of paper and then storing it somewhere safe, such as a lockbox.

It's also generally recommended that you sign the back of the ticket as proof that it belongs to you. However, before you do so, it's worth making sure you know the rules for claiming your win in the state where the ticket was purchased.

Some states allow you to remain completely anonymous. But if you bought the ticket in a state that requires the winner's name to be publicly shared, you may be able to avoid identifying yourself by claiming the prize in the name of a trust or other legal entity.

Also, while you don't need to immediately rush to lottery headquarters to claim your prize, be sure you check your state's claiming deadlines — which can range from 60 or 90 days to a year.

2. Tell as few people as possible

Additionally, share information about your windfall with as few people as possible, Bradley said. News has a way of traveling, and long-lost friends or family — or scammers — could show up on your doorstep.

"It's hard for even your inner circle of people not to say anything," Bradley said. "This is an emotional experience and it's hard not to blurt out."

3. Get professional help

Be aware that some pretty weighty financial decisions lie ahead of you, which make it worthwhile to have a team of pros assisting you. That group should include an experienced attorney, financial advisor, tax advisor and insurance expert.

For starters, you'll have to decide whether to accept your prize as a reduced lump sum or as an annuity paid in yearly installments over three decades. Either way, the IRS will take a slice before the money reaches you.

The cash option — which most winners choose — for this $410 million Mega Millions jackpot is $213.8 million. A mandatory 24% federal tax withholding would reduce that amount by about $51.3 million. For Powerball's $378 million jackpot, it would mean $47.7 million being withheld from the $198.7 million cash option.

However, because the top marginal rate is 37%, winners should anticipate owing much more at tax time. Additionally, state taxes typically are withheld or due, depending on where you live and where the ticket was purchased.

With the Mega Millions jackpot hitting over the $1 billion mark for just the third time in history, all eyes will be on Friday's drawing.

The Mega Millions, one of two major lottery games in the United States, allows players in 45 different states and several other U.S. territories to get a chance at large jackpots, and this week's game is no exception, ranking as one of the top-five prizes ever awarded if a lucky winner matches the numbers in the game.

Here's what you need to know about the next drawing for Mega Millions:

When is the Drawing?

The drawings for Mega Millions take place every Tuesday and Friday night at 10 p.m. Central time.

What is the jackpot at?

The jackpot keeps getting larger as officials raised the massive prize to $1.28 billion on Friday, just hours before the next drawing.

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The estimated $1.28 billion prize is for players who get their winnings through an annuity, paid annually over 29 years. Nearly all winners take the cash option, which for Friday’s drawing is an estimated $747.2 million.

How Do You Win?

Players in the Mega Millions can either have five numbers randomly generated for them, or they can pick their own five numbers between 1-and-70, as well as a sixth number, a “Mega Ball.”

If a player matches all five of their numbers and the “Mega Ball,” then they would walk away with the jackpot in the drawing.

Of course, the jackpot isn’t the only prize available in the game.

If a player matches all five numbers, but not the “Mega Ball,” then they would win $1 million, according to officials.

Matching four numbers plus the “Mega Ball” would net the player $10,000. Matching four numbers without the “Mega Ball” would earn the player a $500 prize.

Matching three numbers and the “Mega Ball” is worth $200.

Matching three numbers, or matching two numbers and the “Mega Ball,” will win a player $10.

Matching one number and the “Mega Ball” is worth $4, and matching the “Mega Ball” is worth a $2 prize.

Players in Illinois also have the option of adding a $1 “Megaplier” to their $2 ticket. That would double the value of any non-jackpot prize, including matching the five numbers in the drawing.

What Are the Odds of Winning?

According to officials, the odds of matching all five numbers and the "Mega Ball" number are 1-in-303 million.

By comparison, some estimates hold that you have a 1-in-9 million chance of being struck by lightning on two separate occasions.

Where Does This Jackpot Rank Among the Largest of All-Time?

The giant $1.28 billion jackpot remains the nation's third-largest prize and is the result of 29 consecutive drawings without anyone matching all of the game's six numbers. That last time someone hit the Mega Millions jackpot was April 15.

The only prizes that were larger were all worth at least $1 billion, including the all-time record jackpot of nearly $1.6 billion in a Jan. 2016 Powerball drawing.

The Mega Millions drawings in Oct. 2018 ($1.5 billion) and Jan. 2021 ($1 billion) are the only other two jackpots to exceed hit the $1 billion mark.

How Can I Buy Tickets?

Tickets cost $2, and can be purchased at thousands of retailers throughout Illinois and Indiana.

Locally, the Illinois Lottery website and app also allows players to purchase tickets online.

What if no one wins?

If no one wins the Mega Millions jackpot Friday night, lottery officials expect the prize will grow to $1.7 billion for the next drawing Tuesday, making it the nation’s largest lottery prize.