DES MOINES, Iowa (AP) – After a long record of meager prices, U.S. lottery players now have the choice of games that offer joint jackpots of more than $ 1 billion.
The jackpot for Mega Millions’ draw on Tuesday night climbed to $ 615 million, and the highest prize in the Powerball game reached $ 550 million before the draw on Wednesday.
It’s almost two years since the two national lottery games offered such huge prizes, and only the second time both jackpots have reached $ 500 million.
The Projected Mega Millions Award is the Eighth Largest in American History, and the Powerball jackpot is the 12th largest. Both are still pale in comparison to the biggest prize, a $ 1.58 billion Powerball jackpot won by three players in 2016.
Lottery prices have been growing more slowly since last spring, when officials reduced guaranteed minimums and stopped promising specific increases because the coronavirus slowed sales.
Carole Gentry, a spokeswoman for Maryland Lottery and Gaming, said Monday that the prizes are now huge, mainly because it is months ago that anyone could win the jackpot. But Gentry also speculates that more people are buying tickets, because ‘it’s something fun to focus on in the new year’, which is driving prices up faster.
As fun as it can be to play the games, people need to realize that their chances of winning the big prizes are incredibly small. The chance of winning the Powerball jackpot is 292.2 million and the odds are even worse for Mega Millions at one out of 302.5 million.
The jackpots promoted by lotteries also refer to winners who take an annuity option, in which prizes are paid out over 30 years. Almost all winners actually opt for the cash option, which is 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.