Mega Millions, Powerball kick off new year with jackpots totaling $783M

9th largest Powerball jackpot up for grabs

Math still suggests buying a lottery ticket is a losing bet.

UPDATE (10:38 a.m.): The Mega Millions jackpot has gone up to $361 million. The jackpot will continue to grow and now has a $278.3 million cash value.

Four jackpots have been won during that time frame, including the seventh largest prize ever, $380 million on January 4, 2011; winners in Idaho and Washington shared that jackpot.

The odds of a $2 ticket hitting the jackpot are more than 292 million to 1.

Lottery players have a chance to win hundreds of millions of dollars with Tuesday night's Mega Millions drawing, and again in Wednesday's drawing for Powerball.

With no lucky victor in Friday night's drawing, the Mega Millions jackpot swelled to $361 million for Tuesday's drawing.

The last time anyone won was on October 13, when Mega Millions winners in MI and Rhode Island shared the $42 million drawing. The $343 million prize would be the eighth-highest won, according to the Mega Millions website.

Two big lottery jackpots are up for grab this week. That includes 5 ticket holders in Iowa, New Hampshire and New Jersey who matched 5 numbers for $1 million. The Powerball jackpot is even bigger at $440 million for Wednesday's drawing.

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