Megabucks at second-highest level

The jackpot exceeds the former second-ranked win of $14 million won last September on a Super Megabucks game at Harrah's Reno.

Megabucks jackpots are paid in 30 annual installments, though recent tax law changes may give a winner the option of receiving a lump-sum payment equal to the discounted value of the jackpot.

A lump-sum payment would be equivalent to between 50 percent and 60 percent of the full value, depending on the interest rates used to determine payments over 30 years. Federal taxes are owed on all jackpot payments over $1,200.

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