£1bn US lottery prize up for grabs after 30 straight draws without a winner

Almost £1bn is on offer in a US lottery after months of no-one winning the Mega Millions jackpot prize.

The $1.25bn (£983m) Mega Millions jackpot has had 30 straight draws since the last time someone won the game’s jackpot on April 18.

That has enabled the prize to steadily grow until it is now the sixth-largest ever in the US.

Why has the jackpot got so high?The jackpot is so hard to win because of the 1-in-302.6 million odds of matching the numbers on five white balls and a separate mega ball.

The odds are better to win smaller prizes, which start at £1.50.

The megamillions being advertised in the US. / Credit: AP

The $1.25bn prize is for a sole winner who is paid over 30 years through an annuity.

Those who opt for a lump sum payout would get an estimated $625.3m (£492.08m).

The hefty prize is also down to rising interest rates, if a winner went for a lump sum they would get the $625.3m.

This is where the higher interest rates become a factor, because the higher the interest rate, the larger the annuity can grow over three decades.

So this allows the lottery organisers to advertise the $1.25bn prize because that is how much it will grow over the 30 years thanks to interest payments.

A big slice of those winnings would go toward federal taxes, and many states also tax lottery payouts.

Mega Millions is played in 45 states but there are several services in the UK that allow you to enter.