Mega Millions and Powerball combined jackpot prize totals $1 billion

DES MOINES, Iowa (WSVN) — Lottery players will have the chance to win over $1 billion if they manage to win both the Mega Millions and Powerball jackpots.

After going without a winner since July 24, the Mega Millions game has now reached an all-time high at $667 million. Meanwhile, the Powerball jackpot is currently valued at $345 million.

Combined, the two jackpots are worth $1,012,000,000.

The odds of winning the Mega Millions jackpot are one in 302.5 million, while the Powerball odds are one in 292.2 million.

However, combined, the chance of winning both is very, very, very low – 1 in 88 quadrillion, or 1 in 88,412,922,115,183,000 to be precise. In percentages terms, that means you have a 0.0000000000000011% chance of winning both games.

The estimated $667 million Mega Millions and $345 million Powerball jackpots refer to the annuity option, paid out over 29 years. The cash option, which is favored by nearly all winners, is $380 million for the Mega Millions and $199 million for the Powerball.

The Mega Millions drawing will take place at 11 p.m. Tuesday, and the Powerball drawing takes place Wednesday night at 11 p.m.

The Associated Press contributed to this report.

Copyright 2018 Sunbeam Television Corp. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.