EL PASO, Texas (KTSM) — As Wednesday night’s Powerball drawing hit a whopping $550M (Five-hundred and fifty million), and the Mega Millions has increased to $750M (Seven-hundred and fifty million) this coming Friday night (January 15, 2021).
This might be an incentive to play: The winner of the drawing will have the option to receive an annuity payout of over thirty years, or a cash option. For Powerball that will be an estimated $411.4 million and the Mega Millions that will be $550.6 million.
Both these drawings have grown so much in value because there were no declared winners in months because there were no matched numbers. The actual odds of winning are 1 in 292.2 million for the Powerball drawing and the Mega Millions is estimated to be 1 in 302.5 million.
The Powerball and Mega Millions lottery are played in forty-five states, along with Washington D.C., the Virgin Islands as well as Puerto Rico.