Mega Millions jackpot nearly $1 billion Friday night, Powerball up to $750 on Saturday

LOUISVILLE, Ky. (WDRB) -- The Mega Millions jackpot for Friday night is nearly $1 billion.

The estimated jackpot for Mega Millions is $977 million with a cash option of about $461 million. It’s just the sixth time in the game’s nearly 22-year history that the jackpot has reached this level; only five jackpots exceeding $1 billion have been higher.

There hasn't been a Mega Millions winner since Dec. 8. The overall odds of winning any Mega Millions prize are 1 in 24; the odds of winning the jackpot are 1 in 302,575,350.

Mega Million tickets are $2 and are sold in 45 states, Washington, D.C., and the U.S. Virgin Islands. The drawing is Friday at 11 p.m. (Eastern).

Powerball jackpot grows

Saturday's Powerball jackpot isn't too shabby either. It's currently at an estimated $750 million with a $360.8 million cash option.

The Powerball jackpot was last won on Jan. 1, 2024, by a ticket in Michigan that won a prize worth $842.4 million. Since then, there have been 34 consecutive drawings without a jackpot winner. Saturday’s drawing will be the 35th drawing in the jackpot run.

The overall odds of winning a prize on a $2 Powerball ticket are 1 in 24.9. The odds of winning the jackpot are 1 in 292.2 million.

How much would I win?

A lot, but likely a lot less than you might think.

First, that's because the advertised Mega Millions jackpot of $977 million is for a sole winner who is paid through an annuity, with an initial payment and then annual checks for 29 years. Nearly all winners actually prefer a cash payout, which for Friday night's drawing would be an estimated $461 million.

Before forking over the money, lottery officials also would deduct 24% for federal taxes. The final tax bill could ultimately be higher though, as some of the winnings could be subject to the top federal tax bracket of 37%. State taxes also could be assessed, depending on where a player bought the winning ticket.

There also is a chance that more than one person will buy a winning ticket — as in 2016, when there were three winning tickets for a $1.6 billion lottery jackpot. Whatever the jackpot amount, it could be divvied into smaller prizes.

Last Kentucky jackpot winners

According to the Kentucky Lottery website, there hasn't been a big jackpot collected in Kentucky since there were two in 2010.

In Jan. 2010, a Georgetown couple, Rob and Tuesday Anderson, won after a clerk at the Pro Stop Marathon incorrectly printed a Powerball ticket for Rob on Christmas Eve 2009. The mistake ticket ended up hitting the game’s $128.6 million jackpot.

In Dec. 2010, Knott County native and Louisville resident Muncie Meade won the Powerball worth $19.12 million.

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