Winning the lottery is a dream for many people around the world. The chance to win millions or even billions of dollars is an exciting prospect. But who has won the largest lottery jackpots of all time? Let’s take a look at some of the biggest lottery winners and find out who won the most lottery money ever.
What are some of the largest lottery jackpots?
Here are some of the biggest lottery jackpots that have been awarded:
- $1.586 billion – Powerball – January 2016 – won by 3 ticket holders in California, Florida and Tennessee
- $1.537 billion – Mega Millions – October 2018 – won by 1 ticket holder in South Carolina
- $1.05 billion – Mega Millions – January 2021 – won by 1 ticket holder in Michigan
- $768.4 million – Powerball – March 2019 – won by 1 ticket holder in Wisconsin
- $758.7 million – Powerball – August 2017 – won by 1 ticket holder in Massachusetts
- $731.1 million – Powerball – January 2021 – won by 1 ticket holder in Maryland
- $699.8 million – Powerball – October 2021 – won by 1 ticket holder in California
- $687.8 million – Powerball – October 2018 – won by 2 ticket holders in Iowa and New York
- $656 million – Mega Millions – March 2012 – won by 3 ticket holders in Kansas, Illinois and Maryland
- $648 million – Mega Millions – December 2013 – won by 2 ticket holders in California and Georgia
As you can see, all of the largest lottery jackpots have been over $500 million. The biggest prizes have approached and even surpassed $1 billion.
Who won the single largest lottery jackpot?
The largest single lottery jackpot won by a single ticket holder was the $1.537 billion Mega Millions drawing in October 2018. The winning ticket was purchased in South Carolina.
The winner was able to remain anonymous through a trust but did come forward to claim the prize. They had the option to receive the full $1.537 billion prize spread out over 30 annual payments, or take a lump sum payment of $877,784,124.
The winner decided to take the lump sum payment. After federal and state taxes, the winner took home around $500 million. This is the largest lottery prize ever won by a single person.
Who won the biggest Powerball jackpot?
The largest Powerball jackpot was the $1.586 billion drawing in January 2016. The drawing was historic because it was the largest lottery prize ever offered in the world at the time.
The jackpot was split between three winning tickets purchased in California, Florida and Tennessee. The California and Florida winners came forward to claim their prize, but the Tennessee winner remained anonymous through a trust.
Each ticket holder had the choice between a lump sum payment of $327.8 million or the full $528 million prize spread over 30 annual payments. The California and Florida winners took the lump sum but it is unclear what the Tennessee winner selected.
After taxes, each winner likely took home over $100 million in prize money.
Who has won multiple huge jackpots?
Incredibly, there have been several lottery winners who beat the odds and took home more than one massive jackpot prize:
- A couple in Maryland won a $128 million Powerball jackpot in 2020, just two years after winning a $50,000 prize in 2018.
- A retired couple in Missouri won a $96.5 million Powerball prize in 2013 and split a $258 million jackpot with another ticket in 2018.
- A man in Wisconsin won a $150,000 prize in 1998, a $79 million jackpot in 2006, and split a $217 million jackpot with a friend in 2007.
- A woman in Indiana won a $1 million prize in 2008, a $50,000 prize in 2013, and split a $536 million Mega Millions jackpot with a group of coworkers in 2018.
These repeat winners had incredible luck, beating odds of hundreds of millions to one to take home multiple life-changing lottery prizes.
10 biggest lottery winners of all time
Here are the 10 biggest lottery winners of all time based on the size of their jackpot:
| Winner | Lottery | Year | Jackpot |
|---|---|---|---|
| Anonymous winner in South Carolina | Mega Millions | 2018 | $1.537 billion |
| Group of 3 winners in California, Florida and Tennessee | Powerball | 2016 | $1.586 billion |
| Anonymous winner in Michigan | Mega Millions | 2021 | $1.05 billion |
| Anonymous winner in Wisconsin | Powerball | 2019 | $768.4 million |
| Anonymous winner in Massachusetts | Powerball | 2017 | $758.7 million |
| Anonymous winner in Maryland | Powerball | 2021 | $731.1 million |
| Anonymous winner in California | Powerball | 2021 | $699.8 million |
| Group of 2 winners in Iowa and New York | Powerball | 2018 | $687.8 million |
| Group of 3 winners in Kansas, Illinois and Maryland | Mega Millions | 2012 | $656 million |
| Group of 2 winners in California and Georgia | Mega Millions | 2013 | $648 million |
Biggest prize won on a single lottery ticket
The largest lottery prize ever won on a single ticket was the $1.537 billion Mega Millions jackpot in 2018. The winning ticket was purchased in South Carolina.
The next biggest prizes won on a single ticket were:
- $768.4 million – 2019 Powerball jackpot won in Wisconsin
- $758.7 million – 2017 Powerball jackpot won in Massachusetts
- $731.1 million – 2021 Powerball jackpot won in Maryland
- $699.8 million – 2021 Powerball jackpot won in California
It is extremely rare for the full jackpot to be won on a single ticket. More often, winners have to split the top prize with other winning tickets. But these lucky single ticket holders got to take home every penny on their own.
Which state has had the most jackpot winners?
The state with the highest number of major jackpot winners is Indiana. Indiana has had 17 Powerball and Mega Millions jackpot winners since 1998.
The next states with the most jackpot winners are:
- Missouri – 13
- Minnesota – 12
- New Jersey – 12
- California – 12
Given its large population, it’s no surprise that California has had many winners. Other states with a high number of winners tend to have greater lottery participation rates.
Which has produced more big winners – Powerball or Mega Millions?
Since both games began in the late 1990s and early 2000s, the two lotteries have produced a similar number of massive jackpot winners.
Powerball has created 38 jackpots over $200 million, paying out $8.9 billion in prizes.
Mega Millions has seen 37 jackpots top $200 million, paying out $8.3 billion.
Powerball jackpots tend to roll over and grow slightly larger because the odds of winning are steeper at 1 in 292 million. Mega Millions odds are better at 1 in 302 million.
So while Mega Millions produces smaller top prizes on average, players are more likely to win a prize. Both games have made dozens of people into billionaires!
How do lottery winners get paid?
Lottery winners have two options for how they receive their prize money:
- Lump sum payment – The winner receives the entire jackpot at one time, after taxes are withheld. For massive jackpots, the lump sum is often hundreds of millions of dollars.
- Annuity payments – The winner gets a percentage of the jackpot each year over 30 years. Annuities offer a more stable income stream but less money upfront.
Most winners take the lump sum so they have access to the bulk of the money right away. But financial advisors often recommend the annuity option to help prevent reckless spending and invest the money wisely.
Do lottery winners pay taxes?
Lottery winners do have to pay taxes on their prizes, although the amount can vary. In the United States, lottery winnings are subject to federal tax withholding at a flat 24% rate. State taxes are withheld based on the state in which the winner lives.
For example, a winner in California would pay an additional state tax of around 8% in addition to the 24% federal tax. The highest tax bill comes in New York City, where combined federal, state, and city taxes can reach nearly 50% of winnings.
Winners who take annuity payments over 30 years will be taxed every year on that income. People who win in multiple states may need to file taxes in each state they bought tickets in.
What do lottery winners usually spend their money on?
Common purchases and investments made by lottery winners include:
- New house
- Cars and other vehicles
- Paying off debts
- Travel and vacations
- Gifts for family and friends
- Charitable donations
- Starting businesses
- Investments
- Education funds for children
Experts advise winners to avoid making any big purchases or lifestyle changes in the first few months after winning. This gives time for the win to sink in and make wise financial decisions.
Do people still work after winning the lottery?
Many lottery winners quit their jobs after winning, but others continue working and living similar lifestyles. Some reasons winners keep working include:
- Enjoying their career and coworkers
- Wanting to remain productive
- Not letting the money drastically change their life
- Using their income to help others through charitable causes
- Staying grounded and setting a good example for children
However, most do quit right away or reduce their hours significantly. Many winners note that working no longer feels necessary or desirable after becoming so wealthy.
Are lottery winners usually happy?
Winning the lottery does lead to increased overall happiness and life satisfaction for most winners. In multiple studies, lottery winners reported higher levels of happiness compared to non-winners.
However, those happiness gains can dissipate after a few years. One study found winners were happiest in the first year after winning, but after 5-10 years reported being only slightly happier than before.
Sharing the prize with family and friends, avoiding overspending, and maintaining social connections and professional pursuits can help lottery winners achieve lasting happiness.
Are there downsides to winning the lottery?
While most lottery winners are glad they won, there can be some downsides that need to be managed, such as:
- Family or friend conflicts over sharing the money
- Being targeted for scams, lawsuits, or fraud
- Overspending and going bankrupt within a few years
- New obligations like managing investments, donations, and taxes
- Loss of motivation or identity if giving up a job
- Feeling isolated or disconnected from old friends
- Public attention and media requests interfering with privacy
Careful planning with financial advisors and lawyers can help winners adjust in a healthy way and avoid many pitfalls.
Do lottery winners get stalked or threatened?
Unfortunately, a relatively small number of lottery winners do experience stalking, harassment, or threats after going public with their winnings. This tends to happen most often to winners of massive Powerball or MegaMillions jackpots.
Winners’ financial details becoming public can attract scammers, violent criminals, or people with mental health issues. Most winners enhance their personal security measures after claiming a jackpot.
However, the majority of lottery winners don’t experience major security issues. Law enforcement agencies work with winners to evaluate any threats and provide protection if needed.
How often do winners lose or squander all the money?
It’s surprisingly common for big lottery winners to go broke within 3-5 years of winning if they are not careful. One study found that 1⁄3 of lottery winners eventually go bankrupt.
Without financial education and discipline, winners may make extravagant purchases, spend freely on friends and family, make poor investments, or become involved in lawsuits.
Careful planning with experienced financial advisors can help winners invest and manage their money responsibly over time. Establishing trusts and limits on gifts can also prevent big losses.
Conclusion
Winning hundreds of millions or even billions of dollars in the lottery is a life-changing event with major benefits and challenges. The holders of the top 10 lottery jackpots will never have to worry about money again and can live in luxury.
At the same time, winners need to be prepared to handle their financial windfall responsibly and deal with the effects on their personal lives. Protecting privacy, creating a long-term financial plan, and keeping perspective can help lottery winners find lasting fulfillment and happiness.