DES MOINES, Iowa (AP) – After a long string of relatively insignificant prizes, U.S. lottery players now have a selection of games offering combined prizes of more than $ 1 billion.
The biggest prize for Tuesday night’s Mega Millions raffle has risen to $ 615 million and the maximum prize in the Powerball game reached 550 million before Wednesday’s draw.
It’s been almost two years since the two national lottery games offered these giant prizes and only the second time both prizes have surpassed $ 500 million.
The grand prize projected by Mega Millions is the eighth largest in U.S. history, and the biggest Powerball award is the 12th biggest. Both remain pale compared to the grand prize, a $ 1.58 million Powerball prize won by three players in 2016.
Lottery prizes have grown more slowly since last spring, when officials lowered guaranteed minimums and stopped promising specific increases because the coronavirus caused sales to slow.
Carole Gentry, a spokeswoman for Maryland Lottery and Gaming, said Monday that the prizes are giant now mainly because it’s been months since anyone won any prizes. But Gentry also speculated that there were more people buying tickets because “it’s a fun thing to focus on in the new year,” which makes the awards go up faster.
As fun as it may be to play games, people should realize that their chances of winning big prizes are incredibly small. The odds of winning the Powerball prize are one in 292.2 million, and the chances are even worse for Mega Millions out of one in 302.5 million.
Lottery-promoted jackpots also refer to winners who opt for a life annuity, in which prizes are paid for 30 years. Almost all the winners opt for the cash option, which for Mega Millions would now be $ 451.8 million and for Powerball $ 411.4 million.
Mega Millions and Powerball are played in 45 states, as well as in Washington, DC and the US Virgin Islands. Powerball is also offered in Puerto Rico.