Tags: powerball | mega millions | 1 billion | jackpots

Mega Millions, Powerball Tip $1 Billion in Combined Jackpots

Image: Mega Millions, Powerball Tip $1 Billion in Combined Jackpots

Powerball and Mega Millions lottery tickets are displayed on Jan. 3, 2018 in San Anselmo, California. The Powerball and Mega Millions jackpots were both over $400 million at the same time for the first time. (Justin Sullivan/Getty Images)

By    |   Friday, 05 January 2018 05:25 PM

More than $1 billion in lottery jackpots are up for grabs this weekend as Mega Millions and Powerball have both gone without a winner since late October.

Friday’s Mega Millions drawing will have a top prize of $450 million and Powerball’s Saturday jackpot is $570 million, 6ABC reported. The last MegaMillions jackpot winner was Oct. 13, 2017, while the Powerball jackpot has not been won since Oct. 25.

Last January, a record $1.586 billion was won in the Powerball contest, while the record winnings for Mega Millions occurred in 2012 when three winners shared a $656 million jackpot, 6ABC reported.

The current Powerball jackpot is the eighth largest, while the Mega Millions jackpot is the 12th largest, 6ABC reported.

Powerball is drawn at 10:59 p.m. EST on Wednesdays and Saturdays, while Mega Millions drawings happen at 11 p.m. EST on Tuesdays and Fridays.

Winners taking the cash option for Powerball would get $358.5 million before taxes, according to lottery's website, while the cash option for MegaMillions would be about $173 million pre-tax, according to Business Insider

Because of the recently passed tax reform plan, federal taxes on winnings will be several million dollars less than they would have been a few days ago, The Indianapolis Star reported.

According to ABC7, the odds of winning both jackpots are 1 in 88 quadrillion.

Twitter users alternated between dreaming of a win and bemoaning their poor luck.

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More than $1 billion in lottery winnings are at stake this weekend as Mega Millions and Powerball jackpots have both gone without a winner since late October.
powerball, mega millions, 1 billion, jackpots
291
2018-25-05
Friday, 05 January 2018 05:25 PM
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