The advertised estimated jackpot represents the total payments that would be paid to jackpot winner(s) should they accept the annuity option. This estimate is based on the funds accumulated in the jackpot pool rolled over from prior drawings, expected sales for the next drawing, and market interest rates for the securities that would be used to fund the annuity. The estimated jackpot usually is 32.5% of the (non-Power Play) revenue of each base ($1) play, submitted by game members to accumulate into a prize pool to fund the jackpot. If the jackpot is not won in a particular drawing, the prize pool carries over to the next drawing, accumulating until there is a jackpot winner. This prize pool is the cash that is paid to a jackpot winner if they choose cash. If the winner chooses the annuity, current market rates are used to calculate the graduated payment schedule and the initial installment is paid. The remaining funds in the prize pool are invested to generate the income required to fund the remaining installments. If there are multiple jackpot winners for a drawing, the jackpot prize pool is divided equally for all such plays.
Reflecting common practice among American lotteries, the jackpot is advertised as a nominal value of annual installments. A cash value option (the usual choice), when chosen by a jackpot winner, pays the approximate present value of the installments. Mega Millions' previous format began on October 19, 2013; its first drawing was three days later. The current version of Mega Millions uses a 5/70 (for the white balls) plus 1/25 (for the "Mega Ball") double matrix to select its winning numbers.
The biggest Powerball jackpot, which is also the current lottery jackpot world record, was won on 13 January 2016! The jackpot was worth an incredible $1.58 billion and was shared by three extremely lucky ticket holders in California, Florida, and Tennessee. The second biggest Powerball jackpot to date was awarded to a lucky lottery player from Massachusetts who won an astounding $758.7 million jackpot in August 2017. Also notable is the story of Gloria MacKenzie, who used Quick Pick and matched all the numbers and the Powerball on 18 May 2013. The jackpot she won was worth $590.5 million!
The two different methods, both offer you, the player, the same user experience and the only difference is in the back end of how the online lottery ticket provider works. The two methods that online lottery sites use differ in one key way; They either have agents and employees all over the world that physically purchase tickets on behalf of clients or, the more recent phenomenon is when companies essentially take out an insurance policy on every ticket which is tied to the size of the jackpot. This is the difference between you playing the lottery online and betting on the lottery online*. In the latter option you are, de facto, not playing the US Powerball online but rather you are placing a bet with an insurance company on the outcome of the corresponding Powerball draw.