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Mega Millions and Powerball jackpots near $2 billion, setting records

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  • Staff Report 

For the first time, the Mega Millions and Powerball lotteries have simultaneously soared, with jackpots nearing a combined total of $2 billion. The Mega Millions prize stands at an estimated $1.1 billion, while the Powerball jackpot has reached an estimated $800 million, attracting players nationwide due to their unprecedented sizes. The upcoming drawings are scheduled for Monday night for Powerball and Tuesday night for Mega Millions, with further opportunities if no winners emerge.

Finger Lakes Partners (Billboard)

These historic jackpots have grown over months of drawings without a major winner, making them among the largest in U.S. lottery history. The current Mega Millions jackpot is ranked as the 8th largest, with the record being a $2.04 billion Powerball prize won in November 2022. The increased jackpots have spurred excitement and ticket sales across the country, although the odds of winning remain staggeringly low, at about 1 in 302.6 million for Mega Millions and 1 in 292.2 million for Powerball.

Despite the large advertised jackpots, the actual cash payouts are significantly lower, with the $1.1 billion Mega Millions and $800 million Powerball prizes translating to estimated cash payouts of $525.8 million and $384.8 million, respectively. Winners will also face federal and possibly state taxes on their winnings. The lotteries, played in most states and territories, generate profits that fund various state programs.

Categories: New York StateNews