DES MOINES, Iowa (AP) – After a long line of relatively meager prizes, American lottery players now have a choice of games with combined jackpots in excess of $ 1 billion.
The jackpot for Tuesday night’s Mega Millions draw has risen to $ 615 million, and the top prize in the Powerball game reached $ 550 million before Wednesday’s draw.
It has been nearly two years since the two national lottery games offered such massive prizes and only the second time that both jackpots exceeded $ 500 million.
The anticipated Mega Millions top prize is the eighth largest in US history., and the Powerball jackpot is the 12th largest. Both still pale in comparison to the biggest prize, a $ 1.58 billion Powerball jackpot won by three players in 2016.
Lottery prices have been climbing more slowly since last spring, when officials lowered guaranteed minimums and stopped promising specific increases because the coronavirus slowed sales.
Carole Gentry, a Maryland Lottery and Gaming spokeswoman, said on Monday that the prizes are now huge, especially since it has been months since anyone has won either of the two jackpots. But Gentry also speculated that more people were buying tickets because “it’s a fun thing to focus on in the new year,” causing prices to rise faster.
As much fun as it is to play the games, people need to realize that their chances of winning the big prizes are incredibly slim. The odds of winning the Powerball jackpot are one in 292.2 million, and the odds are even higher for Mega Millions in one in 302.5 million.
The jackpots promoted by lotteries also refer to winners taking an annuity option, with prizes paid out over 30 years. Almost all winners actually choose the cash option, which is now estimated to be $ 451.8 million for Mega Millions and $ 411.4 million for Powerball.
Mega Millions and Powerball are both played in 45 states, as well as Washington, DC and the US Virgin Islands. Powerball is also offered in Puerto Rico.