Another day, another huge lottery Jackpot.
Next up is a Mega Millions prize worth an estimated $1.12 billion on Tuesday night, attracting players hoping to win eighth highest price in the history of the US lottery, although no one has won the jackpot since December 8, 2023. That’s 30 consecutive draws without a jackpot winner.
Did you miss this drawing? No problem. A raffle for the estimated price will take place on Wednesday evening $865 million Powerball jackpot. Nobody has won this prize since the New Year, meaning that 36 draws have not had a winner.
The long jackpot drought for both games is no coincidence. The games have high odds to create large jackpots that generate great interest and sales.
For Mega Millions the odds are 1 in 302.6 million and for Powerball the odds are 1 in 292.2 million.
The $1.12 billion Mega Millions prize is for a single winner who chooses to receive a payout in the form of an annuity over 30 years. A winner who opts for a cash payout would receive $537.5 million.
These winnings would be subject to federal tax, and some states also tax lottery winnings.
Mega Millions is played in 45 states as well as Washington, DC and the U.S. Virgin Islands. Powerball is also played in these states as well as Washington, DC, the U.S. Virgin Islands and Puerto Rico.