Powerball, Mega Millions combined jackpots above $500 million

The jackpots of the Powerball and Mega Millions lotteries have reached $547 million combined as they have continued inching past the half-way point to a collective $1 billion.

Powerball came to its current level — an estimated $280 million as an annuity — after its most recent drawing on Wednesday evening 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 $128.6 million as a single, lump-sum cash-out as of Thursday night, according to the lottery.

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Powerball's Wednesday drawing did result in a smaller but still sizable windfall for someone in Connecticut, despite no one scoring the grand prize. That person landed $2 million from a Match 5 + Power Play win, the lottery's website indicated.

For Mega Millions, the annuitized jackpot was estimated at $267 million. It would be worth roughly $122 million if someone won it and chose the cash option as it currently stands.

Powerball's jackpot has seen a $25 million increase from earlier in the week. Meanwhile, Mega Millions posted a $22 million increase. 

The grand prizes for the lotteries come in at a combined $250.6 million on a lump-sum basis.

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

Powerball draws the following night.

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The lotteries have previously crossed 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-dollar mark. Most recently, 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.