$865M Powerball Drawing Up Next as Mega Millions Has a Winner

The $1.1 billion Mega Millions jackpot was claimed in Tuesday night's drawing. Next up: Powerball on Wednesday.
Taryn Phaneuf
By Taryn Phaneuf 
Updated
Edited by Rick VanderKnyff
Mega Millions tickets.

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

March 28 update: A single ticket claimed the $1.13 billion Mega Millions jackpot. Powerball keeps rolling, with a current estimated jackpot of $935 million.


On Monday night, the Powerball jackpot rolled over yet again and now stands at an estimated $865 million, with its next drawing Wednesday, March 27.

Meanwhile, the jackpot for the Mega Millions drawing on Tuesday night stands at an estimated $1.1 billion.

  • Mega Millions: $1.1 billion estimated jackpot, next drawing Tuesday, March 26.

  • Powerball: $865 million estimated jackpot, next drawing Wednesday, March 27.

This year now has its first billion-dollar-plus jackpot, a mark that has become more common in recent years. Powerball had a $1.765 billion jackpot (won by a single ticket) as recently as October 2023.

Powerball and Mega Millions tickets are sold for $2 apiece in 45 U.S. states, as well as Washington, D.C., and the U.S. Virgin Islands.

  • To play Mega Millions, pick five numbers between 1 and 70, and a sixth number between 1 and 25. If you don’t want to pick the numbers yourself, you can get a set of numbers generated for you.

  • To play Powerball, pick five numbers between 1 and 69 and a Powerball number from 1 to 26 (or have them randomly generated).

How much is the Mega Millions jackpot?

The current jackpot is estimated at $1.1 billion.

Winners can opt to take their winnings in the form of an annuity or as a single lump sum, known as the cash option. The cash option for the current jackpot is estimated at $525.8 million.

File your taxes with confidence
Register for a free NerdWallet account or sign in to gain access to an exclusive one-hour, previously recorded webinar about tax filing and tax planning strategies. Watch on demand!

By taking the annuity option, the winner would get the full jackpot advertised by Mega Millions, but it would be spread out in payments over 30 years.

No matter how lucky you are, you won’t get around paying taxes on a lottery jackpot. After mandatory federal income tax withholding, you’d have just shy of $400 million if you took the cash option. How much more you’d pay come tax time can depend on where you bought the ticket — and where you live, if that's another state. To prepare, make sure you know the ins and outs of how the lottery works.

When is the next Mega Millions drawing?

  • The winning numbers will be drawn Tuesday, March 26 at 11 p.m. Eastern Time.

  • If there’s still no jackpot winner, the grand prize will continue to grow.

  • The odds of winning the jackpot are roughly 1 in 303 million.

How much is the next Powerball jackpot?

The current jackpot is estimated at $865 million.

Like Mega Millions, winners of Powerball can choose between an annuity that pays out over 30 years or a single lump sum. The cash option for the current jackpot is $416.1 million. After mandatory federal taxes, the holder of a single winning ticket would keep about $316.2 million, minus any state taxes.

When is the next Powerball drawing?

  • The winning numbers will be drawn Wednesday, March 27 at 11 p.m. Eastern Time.

  • If there’s still no jackpot winner, the grand prize will continue to grow.

  • The odds of winning the jackpot are roughly 1 in 292 million.

The jackpot isn’t the only way to win. Both games have prizes for ticket holders whose chosen numbers match the drawing in a variety of combinations.

10 largest lottery jackpots

  • $2.04 billion (Powerball, Nov. 8, 2022 — one winning ticket).

  • $1.765 billion (Powerball, Oct. 11, 2023 — one winning ticket).

  • $1.586 billion (Powerball, Jan. 13, 2016 — three winning tickets).

  • $1.58 billion (Mega Millions, Aug. 8, 2023 — one winning ticket).

  • $1.537 billion (Mega Millions, Oct. 23, 2018 — one winning ticket).

  • $1.348 billion (Mega Millions, Jan. 13, 2023 — one winning ticket).

  • $1.337 billion (Mega Millions, July 29, 2022 — one winning ticket).

  • $1.1 billion (Mega Millions, pending).

  • $1.08 billion (Powerball, July 19, 2023 — one winning ticket).

  • $1.05 billion (Mega Millions, Jan. 22, 2021 — one winning ticket).

AD
Capitalize
Find and move all your old 401(k)s — for free.
401(k)s left behind often get lost, forgotten, or depleted by high fees. Capitalize will move them into one IRA you control.
start consolidating

on Capitalize's website