Mega Millions player narrowly misses out on $681m jackpot by one number – but manages to take home $1

A MEGA Millions player has missed out on pocketing the $681 million jackpot but still managed to win a whopping $1 million.

The jackpot has now risen to its seventh-largest sum in the history of the game after this player narrowly missed out on the $681 million.

No one was lucky enough to pocket the jackpot in Tuesday's night drawing, pushing its total up to a whopping $740 million for Friday's drawing, local NBC affiliate WEAU-TV reported.

Two fortunate individuals, however, matched five of the six winning numbers and won $1 million each.

The tickets were purchased in Kansas and Michigan.

Tuesday's winning numbers were 12, 41, 43, 52, and 55 and the Mega Ball was 9.

The Mega Millions jackpot has not been won since the start of June and its value has been increasing since then.

A lucky lottery player won the hefty sum of $552 million in Illinois on June 4.

The odds of winning the Mega Millions jackpot are one in over 300 million according to lottery officials.

Tickets for the game are sold in 45 states as well as Washington D.C. and the U.S. Virgin Islands.

They can be purchased even on the day of the drawing, which is held every Tuesday and Friday evening.

As players have failed to win the Mega Millions jackpot each week, the stakes have been growing.

If one lucky American manages to match all six numbers in Friday's drawing, they will make history by pocketing this ginormous $740 million sum.

MAKING MILLIONS

The previous winner of the Mega Millions jackpot in June only discovered their luck after opening their emails.

"I was scrolling through my emails when I saw one from the Illinois Lottery saying to check my numbers because I won a prize," the winner told lottery officials.

"In the past, I've won $2 here of $5 there, so I assumed it would be similar."

On this occasion, however, the player had won a lot more.

"You can't image my shock and disbelief when I saw that I had won the jackpot amount of $552 million," the winner said.

Lottery winnings: lump sum or annuity?

Players who win big on lottery tickets typically have a choice to make: lump sum or annuity?

The two payout methods can impact how much money you get from your prize.

Annuities pay out slowly in increments, often over 30 years.

Lump sums pay all at once but in a smaller amount, as taxes are withheld in one go. That means 24% of your prize goes to Uncle Sam right away. Many states tax winnings as well.

Annuities can provide winners time to set up the financial infrastructure required to take in a life-changing amount of money, but lump sums have the benefit of being taxed only once.

Inflation is also worth considering when making a choice, as payouts do not adjust with the value of a dollar. That means that you'll likely be getting less valuable money towards the end of an annuity.

Each state and game pays out prizes differently, so it’s best to check with your state’s lottery to confirm payment policies. A financial advisor can also help you weigh the pros and cons of each option.

Experts have varying opinions on whether to take the lump sum or take the annuity.

The Illinois winner chose to remain anonymous - a state rule allows winners of prizes worth $250,000 or more to request that their name and residence remain confidential.

The player explained that their winnings would help with their dream to take early retirement.

"I've always dreamed of retiring early and enjoying life with my family," they said.

"I think it's safe to say my dream just came true."

Meanwhile, lottery officials are looking for two recent winners of a Powerball and Mega Millions game.

Their prizes have a combined total of $2.1 million.

And a $1 million winning ticket purchased at a gas station in Arizona has also yet to be claimed.