Powerball and Mega Millions: What you need to know

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The odds of winning the Mega Millions jackpot are 1 in more than 302 million. You have a better chance at all these other extraordinary things.
USA TODAY

The Mega Millions and Powerball jackpots now total more than $950 million combined after Wednesday’s drawing failed to produce a winner. 

And this stretch is the first time that both multi-state lottery grand prizes have been at more than $400 million each. That makes Saturday’s Powerball $550 million jackpot potentially the eighth largest lottery prize ever and Friday’s Mega Millions $418 million pot potentially the 16th largest lottery prize.

The winning numbers for Wednesday night’s Powerball drawing were 2, 18, 37, 39, 42 and the Powerball was 12. The Power Play number was 3. 

Wednesday’s Powerball jackpot worth $460 million was the game’s seventh largest and 10th largest for all lottery games in the United States, according to Dennis Rosebrough, public relations director for the Hoosier Lottery.

► Jan. 3: No one wins Powerball, Mega Millions drawings
► Jan. 2: Happier new year: $800 million in jackpots await lucky winners
► Dec. 31: Will you hit it rich in 2018 with soaring lottery jackpots?

Tuesday’s Mega Millions drawing would have netted a winner $361 million jackpot.

Here’s what you need to know if you play Powerball or Mega Millions:

What is a winning ticket worth?

The Powerball jackpot now stands at $550 million for Saturday’s drawing, payable in 30 annual installments, with a one-time cash option of $347.9 million before taxes.

The Mega Millions grand prize is $418 million for Friday night’s drawing with a cash value of $261 million before taxes.

► Dec. 30: What to do if you win the lottery in 2018
► Nov. 16: North Carolina woman wins lottery twice in one day

No matter how a winner chooses to go, lottery prizes that hefty are taxed as ordinary income and put a winner in the highest tax bracket. So that’s $128.7 million for the feds right off the top of that Powerball lump sum, not counting state and local taxes.

One benefit of winning now vs. last year: The new federal tax cut will allow the winner of Saturday’s Powerball jackpot who chooses the one-time cash option to keep about $9 million more for himself.

When are the drawings? 

Powerball numbers are drawn at 10:59 p.m. ET every Wednesday and Saturday. Mega Millions numbers are drawn at 11 p.m. every Tuesday and Friday.

Find out where to watch the drawings on your local TV station by heading to your state lottery’s webpage. (Sorry, Alabama, Alaska, Hawaii, Mississippi, Nevada and Utah; you can’t play unless you cross state lines.)

If you’d rather look online, Powerball’s drawing is streamed here; some websites offer live streaming video of Mega Millions drawings, and Mega Millions’ official YouTube channel posts its video soon after the live event. 

Odds of winning

The odds of buying a winning Powerball ticket are 1 in 25. The odds of hitting the jackpot are 1 in more than 292 million. The odds of becoming a millionaire by matching five numbers is 1 in more than 11.5 million.

Mega Millions’ odds of winning overall are a little better at 1 in 24. However, the odds of winning the grand prize are 1 in more than 302.5 million. A shot at matching five numbers for a $1 million is 1 in more than 12.5.

You have a better chance of achieving sainthood than winning either grand prize, 1 in 20 million, according to Gregory Baer, author of Life: The Odds.

How much does it cost to play?

Powerball and Mega Millions tickets sell for $2 each.

Powerball players can add Power Play for an extra $1 per ticket for a chance to multiply a non-jackpot prize up to five times.

Mega Millions players can purchase the Megaplier for an extra $1 a ticket for a chance to multiply a non-jackpot prize up to five times.

How to play Powerball

How to play Mega Millions

If you win …

Rosebrough recommends that players sign and secure their ticket. Winners should call the number on the back of their ticket when they are ready to claim their prize.

“First, you should pause and take a deep breath,” Rosebrough said. “Then, our experience with past winners says you should consult with some experts whether they be accounting, legal or whatever if you have a major prize.”

Rosenbrough has been impressed with most Indiana winners. Most have had a plan in place before they attempt to receive the money.

How long before you get paid?

Both Powerball and Mega Millions officials transfer the money from a central depository of all districts selling tickets — that includes 44 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands for Powerball; Mega Millions sells in all of those places except Puerto Rico — to respective state lotteries within 24 to 48 hours, Rosenbrough said.

However, the transfer sometimes can take longer because of things such as long holiday weekends.

Follow Chris Sims and Channing King on Twitter: @ChrisFSims and @ChanningKing

 

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