Historic $1.58billion Mega Millions prize won – but lucky Florida ticket holder is facing losing half immediately | The Sun

A LOTTERY player in Florida has won the historic $1.58billion Mega Millions jackpot.

The eye-watering prize was the third largest in US lottery history and the largest-ever Mega Millions jackpot.

There had been 31 draws before the Mega Millions was won on Tuesday night.

The winner can either choose to receive their payment as a lump sum or in 29 installments.

If the winner chooses the lump sum, then the prize will be cut to around $783.3million.

The lotto player could lose more than $187million as 24 percent will go to the federal government in taxes, per Forbes.

They will also owe the IRS another $101million on their tax return as their income will be in the top tax bracket, meaning they will be left with around $493million.

But, Florida does not tax lottery winnings, unlike other states such as New York.

The only way that the winner will receive the full amount is if they choose to take the annuity.

Lotto experts and financial advisors have warned of the potential risks of taking the lump sum option.

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Robert Pagliarini, from Pacifica Wealth Advisors, previously told The U.S. Sun that the option has advantages, but also disadvantages.

He said: "There’s no do-over. It’s not like you’re going to win the lottery again. You have one shot at this.

"The advantage is they get to control the funds now, but that’s also the biggest disadvantage."

The odds of winning the Mega Millions is one in 302.6million, and the winning numbers were: 13, 19, 20, 32, 33, and the yellow megaplier ball 14.

Two lotto players have won $2million after matching five numbers and the megaplier, according to Mega Millions.

Five others will pocket a bumper $1million sum after matching five numbers.

The previous largest Mega Millions jackpot was $1.537billion, which was won in South Carolina in 2018.

A total of 45 states, Washington, DC, and the United States Virgin Islands take part in Mega Millions.

It comes just months after Edwin Castro claimed a $997million payout after scooping the historic $2billion Powerball jackpot.

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