MIAMI – While you may not have hit it big in Tuesday’s Mega Millions drawing, you still have another chance of becoming a multi-millionaire overnight.
The jackpot for Wednesday night’s Powerball drawing is an estimated $865 million.
If there is a sole winner, they have the choice between an annuity, with an initial payment and then 29 annual payments, or a one time lump sum payment. Most winners choose a cash payout, which for Wednesday night’s drawing would be an estimated $416 million.
No one has won the Powerball jackpot since New Year’s Day, making it 36 straight drawings without a big winner. Which is not really a big surprise since the odds of winning are not in a player’s favor – 1 in 292.2 million.
As for beating the odds, one ticket sold in New Jersey did just that to win the Mega Millions jackpot of $1.13 billion on Tuesday night. It was the eighth-largest prize in the game’s history.
The estimated lump sum payment for Tuesday night’s drawing was $537.5 million before taxes.
Mega Millions had gone more than three months without a jackpot winner, with 31 drawings since two tickets in California did the trick on December 8, 2023. The odds of hitting the jackpot are just 1 in 302,575,350.
Mega Millions drawings are done on Tuesday and Friday nights, while Powerball conducts its drawings on Monday, Wednesday, and Saturday nights. Tickets cost two bucks apiece.
You can watch the Powerball and Mega Millions drawings live on CBS News Miami at 11.
CBS News Miami is your official Florida Lottery station
