Another huge lottery prize is up for grabs again today.
The next event is the estimated $1.12 billion Mega Millions prize on Tuesday night, attracting players who wish to win the eighth-largest prize in U.S. lottery history despite no one winning the jackpot since Dec. 8, 2023. That amounts to 30 consecutive drawings without a jackpot winner.
Didn't participate in that drawing? No worries. There will be a drawing on Wednesday night for an estimated $865 million Powerball jackpot. No one has won that prize since New Year’s Day, making it 36 drawings without a winner.
Both games have intentionally long odds to create large jackpots and generate a lot of interest and sales.
Mega Millions has odds of 1 in 302.6 million, and for Powerball, they are 1 in 292.2 million.
The $1.12 billion Mega Millions prize is for a single winner who chooses to be paid through an annuity over 30 years. A winner who selects a cash payout would receive $537.5 million.
The winnings would be subject to federal taxes, and some states also tax lottery winnings.
Mega Millions is played in 45 states plus Washington, D.C., and the U.S. Virgin Islands. Powerball is also played in those states as well as Washington, D.C., the U.S. Virgin Islands, and Puerto Rico.
