Mega Millions Lottery Jackpot Climbs to $242 Million for New Year's Eve Drawing

Dec. 31, 2010— -- Looking to end the year as a multi-millionaire?

You have another chance in the multi-state Mega Millions lottery game.

No tickets purchased matched all five numbers (6, 18, 36, 40, 49) plus the mega number (7) in Tuesday night's drawing.

Players have another shot at the jackpot Friday -- New Year's Eve -- with an estimated jackpot of $242 million.

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

Jackpots start at $12 million and roll over to the next drawing if there is no winner.

Other smaller prizes range from $2 to $250,000, depending on how many numbers you match.

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 these sudden windfalls have not brought any major downside.

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