Usually means: Large lottery with huge payouts.
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We found 3 dictionaries that define the word megamillion:

General (3 matching dictionaries)
  1. megamillion: Wordnik
  2. megamillion: Wiktionary
  3. Megamillion: Wikipedia, the Free Encyclopedia

Definitions from Wiktionary (megamillion)

noun:  (informal) A great number of millions.

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