*In an unprecedented event in the world of lotteries, two jackpots (Mega Millions and Powerball) are now nearing a combined total of nearly $2 billion.
The Mega Millions prize is estimated at $1.1 billion, while the Powerball jackpot sits at an estimated $800 million, marking the first time both major national lottery games have reached such staggering heights simultaneously.
These astronomical figures are the culmination of months passing without any jackpot winners. However, the allure of these immense prizes continues to draw more players, increasing the likelihood that someone will finally strike it rich.
The excitement begins with the Powerball drawing on Monday night, followed by the Mega Millions drawing on Tuesday night. If no winners emerge, the next opportunity for Powerball comes on Wednesday night, with Mega Millions drawing again on Friday night.
Although previous lottery prizes have exceeded the current jackpots, this is the first time both games have offered prizes of $800 million or more since their inception.
The prolonged absence of jackpot winners is evident in the 30 consecutive Mega Millions drawings without a grand prize winner since December 8th and the 35 consecutive Powerball drawings without a major winner since January 1st.
The Mega Millions grand prize now ranks as the 8th largest in U.S. lottery history, trailing the record-breaking $2.04 billion Powerball prize claimed in November 2022.
Gretchen Corbin, president of the Georgia Lottery Corporation and lead director of the Mega Millions Consortium, notes the nationwide excitement when both jackpots soar simultaneously.
Despite the odds being astronomically against winning these grand prizes—1 in 302.6 million for Mega Millions and slightly better at 1 in 292.2 million for Powerball—millions still walk away with smaller prizes ranging from $2 to $2 million, boasting a 1 in 4 chance of winning some form of prize.
It’s crucial to keep in mind that regardless of jackpot size, the odds of an individual ticket winning remain the same.
While the figures advertised on billboards may seem massive, winners should anticipate considerably smaller payoffs. State lotteries often promote the total payoff if the prize is paid through a 30-year annuity, which is nearly double the cash prize. However, most winners opt for the cash prize, resulting in an estimated $525.8 million for Mega Millions and around $384.8 million for Powerball.
These prizes are subject to federal taxes, with additional taxes imposed by many states. Furthermore, the possibility of multiple players hitting the jackpot means the prize could be divided among winners.
Mega Millions is played in 45 states plus Washington, D.C., and the U.S. Virgin Islands, while Powerball is available in those states as well as Washington, D.C., the U.S. Virgin Islands, and Puerto Rico.
The Mega Millions numbers are drawn at a TV studio in Atlanta, while Powerball numbers are drawn at a Florida Lottery studio in Tallahassee.
Profits from these games contribute to funding various state programs.
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