Powerball and Mega Millions jackpots are both set to reach billion-dollar milestones in the next two years. However, the jackpots are not guaranteed to be won, and the prize can be reduced to a cash payout if the winning ticket does not match all the numbers.

The Powerball lottery has been around for 34 years, and the jackpot has reached $10 digits on five occasions. In the past three years, the jackpot has hit 10-digits seven times.

Lottery organizers are boosting the number of prizes in their games by raising the odds of winning. As of this writing, the odds for the Powerball lottery are 1 in 292.2 million, while the odds for the Mega Millions jackpot are 1 in 303 million.

With more people playing the game, the jackpots are going up. On Wednesday, the pot was $700 million. That is not the biggest amount in history, but it was a record.

The Mega Millions jackpot is expected to reach $1 billion by November of this year. If the winner opts for an annuity, the jackpot will be paid out over 30 years.

Tickets for the Mega Millions lottery require five numbers between one and 70. To win, players must match the five white balls and the one red Powerball.

If you are thinking about playing the lottery, you should know the rules. A winning lottery ticket is a prize, and must be kept secret. This helps protect you from scammers and long-lost friends.