Mega Millions and Powerball Jackpots Top $1.06 Billion After No Winners

Q: With a $5 ticket, does Mega Millions offer better value than the cheaper Powerball for jackpot hunters?

No. For someone focused only on the jackpot, Powerball offers better value per dollar than Mega Millions. The reason is simple: Mega Millions now costs $5 per play, while Powerball costs $2. The jackpot odds are almost the same — about 1 in 290.5 million for Mega Millions versus about 1 in 292.2 million for Powerball. Mega Millions is only marginally better on raw odds, but not nearly enough to justify costing 2.5 times more. On a budget basis, that matters more. A player spending $4 can buy two Powerball tickets but not even one full extra Mega Millions chance beyond the single $5 play. That means Powerball gives more jackpot chances for roughly the same money. The current advertised jackpots do not change that basic math. Mega Millions is higher at an estimated $604 million, compared with Powerball at $457 million, but advertised jackpots are annuity values, not cash in hand. Powerball’s current cash option is about $205 million, and both games subject winners to federal taxes; Washington does not tax lottery winnings. Mega Millions’ 2025 changes did improve overall odds and added automatic 2x to 10x multipliers, but those multipliers apply only to non-jackpot prizes. For a pure jackpot hunter, they do not improve the chance of winning the top prize. So if the goal is the best jackpot chance per dollar spent, the cheaper Powerball ticket is the better buy.

3 articles · Updated · KOMO News · Jul 10

$1.06 billion is now at stake across the two games after neither produced a jackpot winner in their latest drawings.
Mega Millions has climbed to an estimated $604 million for Friday night, while Powerball stands at $457 million for Saturday night.
Washington lottery officials said tickets for both games remain on sale statewide, with Mega Millions sales closing at 7:45 p.m. Pacific and Powerball at 6:45 p.m. on drawing days.
Washington also highlighted smaller recent wins, including $30,000 and $50,000 tickets sold near Seattle, as the state lottery says it has generated more than $5.7 billion for public programs since 1982.