An incredibly lucky player from Georgia hit the massive $980 million Mega Millions jackpot on Friday, November 14, 2025 – the eighth-largest prize in the lottery’s history! While the headline number sounds life-changing, the reality of U.S. lottery taxes means the winner will walk away with far less than a billion dollars.
This jackpot rolled over for 40 consecutive draws, the longest streak since a $348 million win back in June. The winning numbers were: 1 – 8 – 11 – 12 – 57 + Mega Ball 7.
The lucky ticket was purchased in Georgia, where winners of $250,000 or more can legally remain anonymous if they request it in writing – so we may never know who the new multi-millionaire is.
In the United States, lottery winnings are heavily taxed at both federal and (sometimes) state levels. The Georgia winner had two payout choices:
Annuity option – The full advertised $980 million paid out over 30 years (with annual payments increasing by 5% each year).
Cash option – A lump-sum payment of $452.2 million before taxes (the choice almost every big winner makes).
After mandatory federal withholding and additional taxes, the net take-home amount on the cash option is approximately $261.4 million USD (around C$365 million at current exchange rates). That’s roughly 27% of the advertised jackpot.
For Canadian players wondering how this compares: If a Canadian wins a U.S. jackpot like Mega Millions or Powerball, Canada does NOT tax lottery winnings, but you still pay the full U.S. federal taxes (up to 39.6% for non-residents) plus any state tax. So a Canadian cashing the same $452.2 million lump sum would keep slightly less than an American resident due to higher withholding rates on non-U.S. citizens. Read more about taxes on winnings in Canada

When jackpots climb toward a billion dollars, millions of Canadians cross the border or play online (where allowed) because the prizes dwarf anything available at home. Even after U.S. taxes, a $200–300 million USD net payout is still the kind of money that can change generations.
While $261 million (or ~C$365 million) is still an obscene amount of money, it’s a stark reminder that those “billion-dollar jackpot” headlines come with a massive tax bite in the U.S.
Looking for the biggest casino jackpots and lottery-style wins available to Canadians without crossing the border? Check out the:
10 top-rated online casinos at CanadaCasinoHub.com – all licensed, tax-free for Canadian winners, and packed with million-dollar progressive slots and instant-win games!
