Powerball, Mega Millions lottery jackpots now nearly $750 million — just in time for 2022

Powerball and Mega Millions: It could happen to you! One jackpot is $500 million; the other rolled over to $244 million.

The odds are tough, and the stakes are high — but, hey, if you win the Powerball or Mega Millions, you could call it a New Year's miracle. Or a 2022 miracle.

As of Jan. 1, the Powerball jackpot is estimated at $500 million, with a cash value of $355.9 million (numbers will be drawn tonight).

Mega Millions, which had a New Year's Eve drawing of $221 million, rolled over with no winners of the big prize. It had also rolled over twice before that, and is now at $244 million prior to Tuesday's drawing. Cash value is an estimated $172.5 million.

Tickets cost $2.

Wednesday night's Powerball lottery drawing also rolled over — the last big payout was $635 million on Oct. 2.

Like Mega Millions, Powerball tickets cost $2 apiece. Additional perks like Power Play cost $1.

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Previous New Year's winners

The Powerball has been won on New Year's — Carlos Mabry from Washington, D.C., clinched the title of Powerball's first millionaire of 2021. A year before that, Blaine Marston from Passadumkeag, Maine, was the first Powerball millionaire winner that year, and the drawing occurred during ABC's live broadcast of "Dick Clark's New Year's Rockin' Eve with Ryan Seacrest 2020."

In 2019, one lucky winner started the new year $425 million richer after matching all six numbers in the Mega Millions New Year's Day drawing. Coincidentally, seven other players became millionaires in 2019, winning at least $1 million after matching all numbers except the Mega Ball in the New Year's Day drawing.

According to a USA TODAY story, the $425 million jackpot was the eighth largest in its history and just the fifth drawing on New Year's Day. The lucky winner had a cash option of $254.6 million. A winner has claimed the jackpot on New Year's Day only once before, in 2008.

Happy New Year indeed! 1 winning Mega Millions ticket sold in New York for $425 million jackpot

What are the odds?

By the way, the odds of matching all five numbers and the Mega Ball are 1 in 302,575,350, and the odds of matching all the numbers in Powerball are 1 in 292.2 million.

You'll have until an hour before the 11 p.m. drawings to purchase tickets for both.

Largest jackpots in history

The largest Mega Millions jackpot in history: $1.537 billion Oct. 23, 2018, won by a very lucky state resident who wishes to remain anonymous after buying the ticket in Simpsonville, South Carolina.

The largest Powerball jackpot doubles as the largest jackpot in history: Three winners claimed that Powerball prize — $1.586 billion split three ways. Maureen Smith and David Kaltschmidt of Melbourne Beach, Florida; Marvin and Mae Acosta of California; and John and Lisa Robinson of Tennessee claimed the three tickets with a cash value of $327.8 million each.

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How to play Mega Millions

Select five numbers from 1 through 70 in the upper play area (white balls), or mark the QP (Quick Pick) box and let the terminal randomly pick some or all of your numbers. Select your gold Mega Ball number from 1 through 25 in the lower play area, or mark the QP (Quick Pick) box for the terminal to randomly select your Mega Ball number.

Each ticket costs $2. Add another dollar for the Megaplier and you could win two to five times the consolation prize.

Match all five white balls and the gold Mega Ball to win the jackpot. Match just the five white balls and win $1 million (at least two Florida ticket buyers have done that in past drawings), and if your ticket includes the Megaplier, you could win up to $5 million.

The odds of winning the grand prize: 1 in 302,575,350.

Visit megamillions.com.

How to play Powerball

There are 9 ways to win a prize in Powerball. Each prize has a set cash amount, except for the grand prize, which grows until all numbers are matched.

Each ticket costs $2.

According to Powerball's website, select five numbers from 1 to 69 for the white balls; then select one number from 1 to 26 for the red Powerball. Choose your numbers or ask for a "quick pick" (randomly selected numbers).

This instructional video from the Hoosier Lottery explains how to play and the nine ways to win. Drawings take place Mondays, Wednesdays and Saturdays.

Visit powerball.com.

Florida Lotto

By the way, there are daily lottery drawings if you want to try your luck there. The Florida Lotto also will have a drawing on New Year's Day, er, night, with a jackpot of $12.5 million. According to its website, for Florida Lotto players that add the "double play" option, the odds of matching two of six winning numbers are 1 in 8.58 and the overall game odds are 1 in 7.61.

Visit flalottery.com.

Contributing: Kristin Lam, USA TODAY; Chris Sims, Indianapolis Star

This article originally appeared on Florida Today: Powerball, Mega Millions jackpots nearly $750 million in time for 2022