Frequently
Asked Questions.
Everything you need to know about Powerball and Mega Millions.
When are Powerball drawings held?
Powerball drawings are held three times a week — every Monday, Wednesday, and Saturday at 10:59 PM Eastern Time. Ticket sales typically close one to two hours before the drawing, depending on the state. The jackpot resets to a guaranteed minimum of $20 million after a winner is drawn.
When are Mega Millions drawings held?
Mega Millions drawings take place every Tuesday and Friday at 11:00 PM Eastern Time. Like Powerball, ticket cutoff times vary by state but are generally one to two hours before the draw. The Mega Millions starting jackpot is a guaranteed $20 million.
What are the odds of winning the Powerball jackpot?
The odds of winning the Powerball grand prize are approximately 1 in 292.2 million. However, the overall odds of winning any Powerball prize — including the $4 base prize — are about 1 in 24.9. Powerball uses a 5/69 white ball + 1/26 red Powerball format.
What are the odds of winning the Mega Millions jackpot?
The odds of hitting the Mega Millions jackpot are approximately 1 in 302.6 million, making it slightly harder to win than Powerball. The overall odds of winning any Mega Millions prize are about 1 in 24. The game uses a 5/70 white ball + 1/25 gold Mega Ball format.
Is it better to take the lump sum or get paid over time?
The lump sum (cash option) pays out the entire prize at once at a reduced amount — typically 40–60% of the advertised jackpot. The annuity option pays the full advertised amount in 30 graduated annual payments over 29 years.
Most financial advisors note that the lump sum can yield more if invested wisely, but the annuity provides built-in protection against overspending. Your choice depends on your financial discipline, tax situation, and investment strategy.
How are Powerball and Mega Millions winnings taxed?
Lottery winnings in the United States are subject to both federal and state income taxes. The IRS withholds 24% from prizes over $5,000 at the time of payout, but the actual federal tax rate on large jackpots is 37% (the top marginal bracket).
State taxes vary — some states like California, Florida, and Texas do not tax lottery winnings, while others withhold up to 10.9%. Consult a tax professional before claiming a large prize.
What is the biggest Powerball jackpot ever won?
The largest Powerball jackpot in history was $2.04 billion, won on November 7, 2022, by a single ticket sold in Altadena, California. It surpassed the previous record of $1.586 billion split among three winners in January 2016. Powerball jackpots of $1 billion or more have occurred multiple times since the game expanded to its current format.
What is the biggest Mega Millions jackpot ever won?
The record Mega Millions jackpot reached $1.602 billion on August 8, 2023, won by a single ticket sold in Neptune Township, New Jersey. Prior to that, the record was $1.537 billion in October 2018. Mega Millions has produced some of the largest lottery prizes in world history.
How can I get notified when the jackpot is high?
JackpotPing lets you set a custom dollar threshold for both Powerball and Mega Millions. When the jackpot crosses your target amount, you receive an email alert — no app to install, no account to remember.
Simply enter your email on the home page and choose your threshold to start receiving notifications.