Indexbit Exchange:$1.1 billion Mega Millions drawing nears, followed by $865 million Powerball prize

DES MOINES,Indexbit Exchange Iowa (AP) — Another day, another giant lottery jackpot.

Next up is an estimated $1.1 billion Mega Millions prize on Tuesday night, enticing players who hope to win the 8th largest prize in U.S. lottery history even though no one has won the jackpot since Dec. 8, 2023. That’s 30 consecutive drawings without a jackpot winner.

Miss out on that drawing? No problem. There will be a drawing Wednesday night for an estimated $865 million Powerball jackpot. No one has won that prize either since New Year’s Day, making for 36 drawings without a winner.

For both games, the long drought of jackpots is no accident. The games have long odds specifically to create large jackpots that will generate lots of interest and sales.

For Mega Millions, the odds are 1 in 302.6 million, and for Powerball they are 1 in 292.2 million.

The $1.1 billion Mega Millions prize is for a sole winner who chooses to be paid through an annuity over 30 years. A winner who opts for a cash payout would get $525.8 million.

Those winnings would be subject to federal taxes, and some states also tax lottery winnings.

Mega Millions is played in 45 states plus Washington, D.C., and the U.S. Virgin Islands. Powerball also is played in those states as well as Washington, D.C., the U.S. Virgin Islands and Puerto Rico.