Scott McFetridge/AP

A billboard advertises the Mega Millions and Powerball jackpots in Des Moines, Iowa, on Monday.



CNN

Lottery players will have more chances to win huge payouts this week, with Tuesday’s Mega Millions drawing and Wednesday’s Powerball drawing offering jackpots of around $1.1 billion and $865 million respectively.

If someone wins Tuesday’s drawing for Mega Millions’ estimated $1.13 billion jackpot, it would be the fifth-largest prize in the game’s history, according to Mega Millions. The jackpot rose above $1 billion on Friday after no one won the previous drawing. Tuesday’s drawing is scheduled for 11:00 PM ET.

A winner of Tuesday’s drawing could opt for a lump sum of an estimated $537.5 million instead of receiving the entire jackpot in annual payments. Both estimated figures are before taxes.

The Mega Millions jackpot has grown since it was last won on December 8 by two tickets sold in California. The record Mega Millions jackpot was $1.602 billion, won in Florida last August.

The odds of winning a prize in a Mega Millions drawing are 1 in 24, and the odds of winning the jackpot are 1 in 302.5 million, according to the lottery.

Wednesday night’s Powerball drawing, meanwhile, offers an estimated $865 million jackpot, which would be the fifth-largest jackpot in the history of the game. A winner could choose to receive the jackpot in annual payments or a lump sum payment of an estimated $416.1 million – both before taxes, according to Powerball.

The Powerball jackpot was last won on January 1 by a ticket in Michigan with an estimated prize of $842.4 million.

Although no one hit the jackpot in Monday’s Powerball drawing, it still produced big winners, with tickets sold in Florida and New York each winning $1 million in prizes.

Thirty-six consecutive Powerball drawings have passed without a grand prize winner emerging. The odds of winning a prize in a Powerball drawing are 1 in 24.9, and the odds of hitting the jackpot are 1 in 292.2 million, according to the lottery.

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