By Taryn Phaneuf | NerdWallet
Both major national lottery jackpots are increasing after drawings on Monday and Tuesday. The Mega Millions prize is getting close to an estimated $1 billion. Only five previous Mega Millions prizes have reached that amount.
The Powerball prize rolled over again on Monday night and is now around $687 million. The next drawing is tonight (Wednesday, March 20).
- Mega Millions: $977 million estimated prize, next drawing Friday, March 22.
- Powerball: $687 million estimated prize, next drawing Wednesday, March 20.
If no one wins in upcoming draws, 2024 could see its first billion-dollar-plus prize, which has become more common in recent years. more common in recent years. Powerball had a $1.765 billion prize (won by a single ticket) in October 2023.
Powerball and Mega Millions tickets are sold for $2 each in 45 U.S. states, as well as Washington, D.C., and the U.S. Virgin Islands.
- To play Mega Millions, choose five numbers between 1 and 70, and a sixth number between 1 and 25. If you don't want to pick the numbers yourself, you can get a set of numbers generated for you.
- To play Powerball, choose five numbers between 1 and 69 and a Powerball number from 1 to 26 (or have them randomly generated).
How much is the Mega Millions prize?
The current prize is estimated at $977 million.
Winners can choose to receive their winnings in the form of an annuity or as a single lump sum, known as the cash option. The cash option for the current prize is estimated at $461 million.
By choosing the annuity option, the winner would receive the full prize advertised by Mega Millions, but it would be spread out in payments over 30 years.
No matter how lucky you are, you won't avoid paying taxes on a lottery prize. paying taxes on a lottery prize. After mandatory federal income tax withholding, you would receive about $350 million, if you chose the cash option. How much more you would pay come tax time depends on where you bought the ticket and where you live. To prepare, make sure you know how the lottery works. how the lottery works.
When is the next Mega Millions drawing?
- The winning numbers will be drawn Friday, March 22 at 11 p.m. Eastern Time.
- If there is still no prize winner, the grand prize will continue to grow.
- The chances of winning the prize are about 1 in 303 million.
How much is the next Powerball prize?
The current prize is estimated at $687 million.
Like Mega Millions, winners of Powerball can choose between an annuity that pays out over 30 years or a single lump sum. The cash option for the current prize is $327.3 million. After mandatory federal taxes, the holder of a single winning ticket would keep about $248.7 million, minus any state taxes.
When is the next Powerball drawing?
- The winning numbers will be drawn Wednesday, March 20 at 11 p.m. Eastern Time.
- If there is still no prize winner, the grand prize will continue to grow.
- The chances of winning the prize are about 1 in 292 million.
The prize isn't the only way to win. Both games have prizes for ticket holders whose chosen numbers match the drawing in a variety of combinations.
10 biggest lottery prizes
- $2.04 billion (Powerball, Nov. 8, 2022 — one winning ticket).
- $1.765 billion (Powerball, Oct. 11, 2023 — one winning ticket).
- $1.586 billion (Powerball, Jan. 13, 2016 — three winning tickets).
- $1.58 billion (Mega Millions, Aug. 8, 2023 — one winning ticket).
- $1.537 billion (Mega Millions, Oct. 23, 2018 — one winning ticket).
- $1.348 billion (Mega Millions, Jan. 13, 2023 — one winning ticket).
- $1.337 billion (Mega Millions, July 29, 2022 — one winning ticket).
- $1.08 billion (Powerball, July 19, 2023 — one winning ticket).
- $1.05 billion (Mega Millions, Jan. 22, 2021 — one winning ticket).
- $977 million (Mega Millions, pending).
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