There are now two jackpots that top $300 million. Following another failed weekend of drawings, the Mega Millions is sitting at a hefty $346 million, while Powerball is at $307 million. What are the odds of winning one of these historic top prizes?
According to CNBC, the Mega Millions jackpot is the game’s seventh largest. The biggest Mega Millions prize was $536 million back in July of last year. The total was also the seventh largest in the history of U.S. lottery and the most money awarded to a single player. The Powerball jackpot, on the other hand, doesn’t even crack the top 10.
If you did select the winning number, that doesn’t mean you would walk away with $300 million. For starters, you have the option of taking a lump sum or monthly installments. The lump sum for Mega Millions currently stands at $216 million. Federal taxes for that amount would be a shade above $54 million, while state taxes are approximately $19 million, depending on where you live. The Powerball cash out is $193.2 million, with federal taxes at $48.3 million and state around $17 million.
You could, of course, go the other route and choose 30 installments over a period of 29 years. This would certainly give you more money in the long run, as taking the lump sum reduces earnings up to 40 percent. The only downside is that you have to wait for the money to come in.
But what are the odds of picking the winning combo and instantly becoming a millionaire? Unfortunately, the odds are not in your favor. The Powerball odds are around one in 292,201,338, while Mega Millions is slightly better at one in 258,890,850. The odds are so bad, in fact, CNBC reports that you have a better chance at hitting a hole-in-one on the golf course. In case you are curious, the odds of taking home both jackpots are an astounding one in 75 quadrillion.
Mega Millions will draw new numbers this Friday, August 11, while Powerball will draw Wednesday, August 9. The jackpots will increase if no winner is announced.
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