Two massive lottery jackpots are currently up for grabs in the United States, totaling nearly $2 billion. The Mega Millions prize sits at an estimated $1.1 billion, while the Powerball jackpot is estimated at $800 million. This is the first time both games have offered such large prizes simultaneously, drawing in more players and increasing the chance of someone winning big. The Powerball drawing is scheduled for Monday night, followed by the Mega Millions drawing on Tuesday night, with additional chances to win later in the week if no winner is declared.
Both lottery prizes have grown to their current sizes due to months without a jackpot winner. The last Mega Millions jackpot winner was on December 8, with 30 consecutive drawings since then without a grand prize winner. Similarly, the Powerball jackpot has not been won since January 1, resulting in 35 consecutive drawings without a big winner. The Mega Millions prize is the 8th largest in U.S. lottery history, while the largest jackpot ever won was a $2.04 billion Powerball prize in November 2022.
Despite the massive prizes up for grabs, the odds of winning the jackpot are exceedingly slim. The odds of matching all six numbers in Mega Millions are 1 in 302.6 million, while Powerball has slightly better odds at 1 in 292.2 million. Lottery officials point out that even with increased sales as jackpots climb, there is still a good chance that no one will hit the jackpot. However, players still have a 1 in 4 chance of winning some kind of prize, ranging from $2 to $2 million.
Winners of these huge lottery jackpots should expect much smaller payoffs than the advertised figures on billboards, as the total payoff is based on an annuity paid out over 30 years. Most winners choose the cash prize option, resulting in significantly lower payouts. For example, the $1.1 billion Mega Millions jackpot would pay out an estimated $525.8 million in cash, while the $800 million Powerball jackpot would result in an estimated $384.8 million in cash. These cash prizes are subject to federal and state taxes, and if multiple players win, the jackpot would be split between the winners.
Mega Millions is played in 45 states, Washington D.C., and the U.S. Virgin Islands, while Powerball is played in the same areas along with Puerto Rico. The Mega Millions numbers are drawn in Atlanta, while Powerball numbers are drawn in Tallahassee, Florida. Profits from these lottery games fund various state programs. Despite the excitement around these massive jackpots, the odds of winning remain slim, and players should be prepared for smaller payouts if they do win. The thrill of potentially becoming a millionaire overnight continues to draw in players across the country as the jackpots continue to grow.
