The Mega Millions jackpot increases to $514 million. When is the next drawing?

One lucky lottery player could celebrate the holiday season with cash if they win the huge Mega Millions jackpot.

The current Mega Millions pot is $514 million, with the next drawing scheduled for Friday. The final jackpot drawing took place on Tuesday, but no one reached the numbers needed to take home the big prize.

According to Nexstar, the 10th largest Mega Millions jackpot was $552 million, putting the current prize about $38 million outside the top 10 largest jackpots.

Because lotteries are essentially voluntary taxes on players, the actual payout for winning the jackpot is not the actual take home payout. The IRS and the local governments where the winning ticket is sold receive a significant portion of the money.

With prize money at about $514 million, the cash payout would be about $241 million, according to Today. The winner can expect to forfeit about $90 million in federal taxes, and even more if their state also has a state income tax.

And that’s true when a winner takes everything. The money will be divided among several winners.

Winners may find their lives turned upside down, and not always in a positive way. Only a few states allow jackpot winners to protect their anonymity, while others must resist demands for money from friends, family and scammers.

Most players will never have to worry about this.

According to the Mega Millions website, a player has a 1 in 302,575,350 chance of hitting all five white balls and also landing a gold Mega Ball.

The next Mega Millions drawing will take place on Black Friday, November 29th at 11:00 p.m. EDT.