52 Billion Combined

In an unprecedented turn of events, the Powerball and Mega Millions jackpots have skyrocketed to a staggering total of $1.52 billion combined, after no winners were declared in the recent weekend drawings.

The Mega Millions jackpot, which went unclaimed in Friday's drawing, has now reached an estimated $875 million. This incredible sum makes it the sixth-largest jackpot in the history of the game. Similarly, the Powerball grand prize has surged to an estimated $645 million, following the absence of a jackpot winner in Saturday night's drawing. This places it as the 12th-largest in Powerball history.

Overwhelmed by the allure of such immense prize pools, lottery enthusiasts may be tempted to try their hand at winning. However, the odds of hitting the big jackpot remain incredibly slim. In the Mega Millions game, the chances of clinching the top prize are approximately 1 in 302.6 million, while the odds in Powerball are marginally better, at approximately 1 in 292.2 million.

Despite the statistically challenging odds, some lottery players swear by various methods to increase their chances. Nevertheless, the probability of winning either the Mega Millions or Powerball jackpot is considerably lower than encountering a grizzly bear in Yellowstone National Park or coming across an alligator in Florida.

While winning may seem like an impossible dream, history shows that someone will ultimately emerge victorious. However, winners should note that they may not receive the full advertised payout. Both Mega Millions and Powerball offer two payout options: the annuitized prize (the advertised amounts of $875 million and $645 million, respectively) or the cash payout ($413.5 million or $307.3 million, respectively).

It's worth noting that regardless of the option chosen, a significant portion of the winnings is subject to taxes. Federal taxes will withhold 24% of the prize money, and some states may impose additional taxes. Thus, winners can expect approximately 37% of their prize to be withheld if they are fortunate enough to secure the jackpot.

For instance, according to USA Mega's analysis of the current Mega Millions jackpot, the annuitized prize winner could receive around $552.5 million over 30 annual payments or $260.5 million in cash. Factors such as lottery taxes may alter the payout, with winners in states like New York receiving approximately $457.1 million in annuitized payments or $215.5 million in cash.

In light of these enormous sums, experts recommend that winners swiftly assemble a team consisting of an attorney, a tax advisor, and a financial advisor. Additionally, maintaining confidentiality surrounding the victory is advised. However, only a handful of states allow winners of substantial jackpots to remain anonymous, potentially making this challenging.

The upcoming Powerball drawing is scheduled for Monday, March 18, at 10:59 p.m. ET, while Mega Millions enthusiasts will have to wait until Tuesday, March 19, at 11 p.m. ET to discover if they were victorious. Both games require a ticket cost of $2 each. Mega Millions tickets can be purchased in 45 states, the District of Columbia, and the U.S. Virgin Islands, with drawings held on Tuesdays and Fridays. Powerball tickets are available in 45 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands, with drawings held every Monday, Wednesday, and Saturday at 10:59 p.m. ET.