Mega Millions Lottery Jackpot Hits $290M

Jan. 1, 2011 — -- Did you resolve to rid yourself of debt in 2011?

You still may have a chance to hit that goal early, as Friday night's New Year's Eve Mega Millions draw once again did not produce a jackpot winner.

The new jackpot for the multi-state Mega Millions lottery drawing on Tuesday, Jan. 4, will be $290 million.

No tickets purchased matched all five numbers (10, 12, 13, 35, 56), plus the mega number (9) and the Megaplier (4) in Friday night's $242 million drawing.

The biggest jackpot game in the nation, Mega Millions is played in 41 states and in Washington, D.C.

The snowballing prize is the result of 15 consecutive draws with no winner. The jackpot started at $12 million on Nov. 12 and kept rolling over to the next drawing.

A winner of the jackpot may receive the spoils in a lump sum of $182 million. At least 25 percent of a massive lottery windfall goes to the federal government, and state taxes vary by location.

But the odds of producing a winning ticket are slim -- roughly 1 in 175 million.

Other smaller prizes can range from $2 to $250,000, depending on how many numbers are matched.

The largest Mega Millions jackpot ever won was $390 million in March 2007. Winning tickets were sold in Georgia and New Jersey, according to the Mega Millions website.

But before you go stock up on tickets, consider whether the lottery is the best way to hit it big.

For some it is.

Seven-time lottery winner Richard Lustig said playing the lotto is like any other investment.

"You have to invest money to get something out of it," Lustig, 59, told ABCNews.com in an October interview.

Lustig, a former singer and drummer, said he's come up with a strategy that has earned him some of the top prizes in the local lotteries he plays.

"Most people buy a $1 ticket and win $10, and they put the $10 in their pocket," said Lustig. "Those people are playing the game wrong. Instead, he said, if you win $10, you should buy $11 worth of tickets because "if you lose, you only lost a $1."

Using this method, Lustig won $98,000 in a Fantasy 5 game and $842,000 in 2002.

He said such sudden windfalls have not brought any major downside.

"I'm very fortunate to have a great family," said Lustig.