Mega Millions $1b lottery numbers drawn

A LOTTERY with the world's largest jackpot, $1 billion, has just drawn its numbers.

The US Mega Millions lottery reached $1 billion ($AU1.4b) in available prize money last week, prompting Americans across the country to flood local service stations and convenience stores for the chance to take home a slice of the pie.

Even undefeated boxing champion Floyd Mayweather hedged his bets, reportedly dropping a staggering $2000 on lottery tickets.

Frantic locals chose to line up for more than two-hours in order to buy a lottery ticket, pushing the prize pool up significantly.

The $1 billion taking makes the Mega Millions the largest jackpot in global lottery history if claimed by a single winner.

The numbers were drawn at 2pm local time and are 15, 23, 53, 65 and 70, with a Mega Ball of 7.

According to CBS news, the jackpot has a one-time cash option of $565 million or the winner can choose an "annuity option" which would payout the jackpot over 29 years.

In the race to find out who took out the major jackpot, people flooded social media with their "winning ticket", only to be told that the numbers needed to be featured on the ticket in ascending order.

Some people are already reporting minuscule wins off the jackpot.

Other, more frustrated players decided that the game wasn't worth the trouble and destroyed their tickets.

The previous largest single jackpot of $758.7 million was won last year by Mavis Wanczyk, a 53-year-old mother of two from Massachusetts.

In 2016, a $1.6 billion Powerball prize was split three ways by ticket holders from California, Florida and Tennessee. Each took home $528.8 million.

The game, which was created in 2002, has seen changes over the years that have reduced the chances of winning, meaning bigger and bigger jackpots.

If someone picks the winning six numbers, they can either claim the jackpot in 30 payments over 30 years - the so-called annuity option - or take a reduced amount in a lump sum.

On Friday, that would be a total of $565 million - before taxes, according to the Mega Millions website.

The likelihood of that happening? One in 302.5 million.

US lottery winnings are taxable at the federal level, unlike in many other countries, while some states also impose local taxes.

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