(NEXSTAR) — With out winners in both weekend drawing, the Powerball and Mega Hundreds of thousands jackpots have grown once more, making them now price a mixed whole of $1.52 billion.
No person matched the profitable numbers in Friday’s Mega Hundreds of thousands drawing, pushing that jackpot to an estimated $875 million. At its present measurement, the jackpot ranks because the sixth-largest in sport historical past.
With out a jackpot winner in Saturday evening’s drawing, the Powerball grand prize is now estimated at $645 million. That’s the Twelfth-largest in Powerball historical past.
With all of this cash at stake, chances are you’ll be tempted to purchase a ticket, or two, or possibly three. Listed here are 5 issues to know earlier than taking part in Powerball or Mega Hundreds of thousands.
What are my odds of profitable the jackpots?
For those who’ve performed the lottery earlier than, you already know your odds of hitting the massive payout are slim.
You will have a 1 in 24 probability of profitable any payout, starting from $2 to the jackpot, in Mega Hundreds of thousands. Your probabilities of profitable the Mega Hundreds of thousands jackpot are roughly 1 in 302.6 million. Your odds are barely higher in the case of Powerball, the place you might have a 1 in 24.87 probability at any prize, starting from $4 to the jackpot. Your possibilities of really hitting the jackpot are about 1 in 292.2 million.
There are some strategies that lottery gamers swear by to extend their odds on the Mega Hundreds of thousands and Powerball jackpots, although. Nonetheless, you might have a greater probability of being attacked by a grizzly bear in Yellowstone Nationwide Park (roughly 1 in 2.7 million for all park guests) or an alligator in Florida (about 1 in 3.1 million) than profitable both.
How a lot of my winnings would go to taxes?
Whereas the chances could also be stacked in opposition to you, somebody will, inevitably, win. That doesn’t imply they’ll get the complete marketed payout (or payouts, in the event that they win each out there jackpots).
In each Mega Hundreds of thousands and Powerball, jackpot winners have two payout choices to pick from: the annuitized prize (the marketed $875 million and $645 million, respectively) or the money payout ($413.5 million or $307.3 million, respectively). Whatever the payout they choose, jackpot winners see a big chunk of their funds withheld for taxes.
Although some states do not need a state lottery tax withholding, all of them should withhold 24% in federal tax on prizes as massive as the present jackpots. With extra taxes, you’ll see roughly 37% of your prize cash withheld, must you win.
At finest, in line with an evaluation of the present Mega Hundreds of thousands jackpot by USA Mega, a grand prize winner will get about $552.5 million with the annuitized payout (30 annual funds that progressively improve) or $260.5 million in money. In states with lottery taxes, the precise payout would vary from about $457.1 million in annuitized funds or $215.5 million in money (in New York) to $530.6 million annuitized or $250.2 million in money (in Arizona, the place the state tax is 2.5%).
USA Mega additionally affords an evaluation of the Powerball jackpot.
These payouts, thought of estimates, might change if the jackpots develop or shrink, and if there are a number of jackpot-winning tickets.
Can I stay nameless if I win Mega Hundreds of thousands or Powerball?
For those who’re fortunate sufficient to win both jackpot, even in case you aren’t the only winner, specialists advocate shifting rapidly to assemble a staff that features an legal professional, a tax advisor, and a monetary advisor. Additionally they encourage defending your ticket and maintaining your victory a secret for so long as potential.
That could be simpler in some states than others — solely a choose few let winners of such massive jackpots stay nameless.
When are the subsequent Powerball, Mega Hundreds of thousands drawings?
The subsequent Powerball drawing might be held at 10:59 p.m. ET on Monday, March 18.
Mega Hundreds of thousands gamers must wait till 11 p.m. ET on Tuesday, March 19 to search out out in the event that they’ve received.
What else ought to I learn about Powerball and Mega Hundreds of thousands?
Tickets for each video games are $2 every.
Mega Hundreds of thousands tickets are bought in 45 states, the District of Columbia, and the U.S. Virgin Islands. Along with Tuesdays, drawings are held on Fridays at 11 p.m. ET.
Powerball drawings are held each Monday, Wednesday, and Saturday at 10:59 p.m. ET. Tickets are bought in 45 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.
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