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Players have chance at winning giant Mega Millions, Powerball jackpots

DES MOINES, Iowa -- Lottery players have a chance at winning two giant jackpots that together amount to nearly $800 million.

The Mega Millions drawing will take place Tuesday night, offering players an annuity jackpot of $343 million, paid over 29 years. The game's cash option is an estimated $215 million. It's the largest Mega Millions prize since a $393 million drawing last August.

On Wednesday night, players of the Powerball game will seek a $440 million annuity prize, or a $278.3 million cash prize. Powerball hasn't had such a big prize since August, when a Massachusetts player won a $758.7 million jackpot.

The odds of winning jackpots in either game are incredibly small. Mega Millions has odds of one in 302.6 million and Powerball is slightly better at one in 292.2 million.

The average American spends about $200 a year on lottery tickets, although residents of some states spend far more. According to a study by LendEDU, the average Massachusetts resident spends $735 annually on lottery tickets. Rhode Islanders spend $514 a year. Those in Delaware or New York are likely spending about $400 a year, or $33 per month.