More than $750M up for grabs in 2 US lottery jackpots

By Umar Farooq

WASHINGTON

The jackpot for the Mega Millions lottery is estimated at $470 million Tuesday, making it the sixth largest prize in the game's history.

Another lottery game, Powerball, is $282 million for Wednesday's draw.

The winners are given the receiving the jackpots in installments or a cash option that is expected to be around $265 million for Mega Millions and $161 million for Powerball.

In addition, the winners are expected to pay a tax rate of 24 percent on the upfront, with additional state and local taxes.

The odds of winning the Mega Millions lottery is 1 in 302,575,350, while the odds for the Powerball are 292,201,338.

For both games, the winners can take three months to one year to claim the prizes, depending on the state where the ticket was purchased.

The games are played in 44 U.S. states along with Washington D.C. and the U.S. Virgin Islands.