[Fox Business] Powerball and Mega Millions hit $500 million combined

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The jackpots of the Powerball and Mega Millions lotteries have reached $500 million combined, the latest instance of them reaching the half-way point to a collective $1 billion this year. 

Powerball came to its current level — an estimated $255 million as an annuity — after its most recent drawing on Monday that brought no grand prize winner. The annuity option, which is also available for Mega Millions, represents annual payments over three decades.

It had a value of $117.1 million as a single lump-sum cashout as of Tuesday afternoon, according to the lottery.

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For Mega Millions, the annuitized jackpot was estimated at $245 million. It would be worth roughly $112 million if someone won it and chose the cash option as it currently stands.

The grand prizes for the lotteries came in at a combined $229.2 million on a lump-sum basis.

Of the two lotteries, Mega Millions has the next opportunity for players to have a go at jackpot. That drawing will take place Tuesday evening.

Powerball will draw the following night.

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The lotteries have previously hit a combined $500 million and, subsequently, a combined $1 billion this year.

Mega Millions and Powerball have also seen their respective grand prizes climb above the billion-mark. Most recently, back in mid-October, someone in southern California had a ticket with numbers matching those drawn by the latter for a $1.765 billion jackpot, landing them that massive windfall, according to Powerball.

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In August, Mega Millions had a winner score a $1.602 billion jackpot. That grand prize, won in Florida, got claimed in late September, as previously reported by FOX Business.

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