Powerball vs Mega Millions: Which Game Has Better Odds?
Head-to-head comparison of Powerball and Mega Millions: jackpot odds, overall odds, ticket prices, payout structure, and which game offers better expected value.
The headline numbers
Powerball: 5/69 + 1/26, $2 per ticket, jackpot starts at $20M, drawings Mon/Wed/Sat. Jackpot odds: 1 in 292,201,338. Mega Millions: 5/70 + 1/24, $5 per ticket, jackpot starts at $50M, drawings Tue/Fri. Jackpot odds: 1 in 290,472,336. On the headline jackpot odds, Mega Millions is fractionally better (~0.6% lower denominator), but the $5 ticket price means each Powerball dollar buys 2.5x more jackpot exposure.
Overall odds of winning any prize
Powerball overall odds: approximately 1 in 24.87. Mega Millions overall odds: approximately 1 in 23. Mega Millions has slightly better any-prize odds because the April 2025 redesign added a built-in multiplier and tightened the prize structure. However, "any prize" mostly means $4-$10 wins, so this difference is mostly cosmetic — the real money is always in the top tiers.
Jackpot growth and starting amounts
Mega Millions starts at $50M minimum, Powerball at $20M. Mega Millions raised its starting jackpot in 2025 as part of its price hike. That said, Powerball has historically grown larger top jackpots due to its three-drawings-per-week schedule and lower ticket price (more rollover frequency, more buyer volume). The largest US lottery jackpot ever was a Powerball drawing ($2.04B, November 2022).
Expected value at standard jackpot levels
At minimum jackpots, both games have heavily negative expected value (around -$1.40 EV on a $2 Powerball ticket, around -$3.30 EV on a $5 Mega Millions ticket). Mega Millions needs a far higher jackpot to break even on EV because the $5 ticket cost is so much larger. Per dollar of EV improvement as jackpots grow, Powerball is more efficient.
Cash option percentage
Both games offer a lump-sum cash option that pays roughly 50-55% of the advertised annuity jackpot. The exact percentage shifts with interest rates — when long-term Treasury rates are higher, the cash percentage drops because the annuity stream is worth less in present value. As of mid-2026, both games' cash options have been running at approximately 50-52% of advertised jackpots.
Which to play: a practical recommendation
If you want maximum exposure per dollar and don't care about marginally better any-prize odds, play Powerball ($2 vs $5 matters). If you want the slightly better overall any-prize odds and the per-game thrill of a more expensive ticket, Mega Millions is reasonable. If you have a fixed weekly budget (recommended), you can buy roughly 2.5 Powerball tickets per Mega Millions ticket — which most casual players will find more exciting and entertaining.
Frequently Asked Questions
Are Powerball and Mega Millions run by the same organization?
No. Powerball is operated by the Multi-State Lottery Association (MUSL). Mega Millions is operated by the Mega Millions Consortium. Both are agreements between participating state lotteries, but they are separate organizations and games.
Has anyone ever won both Powerball and Mega Millions jackpots?
No documented case of a single person winning both top jackpots. There have been multiple cases of people winning two large prizes from the same game years apart.
Which has better second-tier prizes?
Both games award $1M for matching the 5 white balls without the bonus ball. Powerball's 1 in 11.7M odds for this tier are slightly better than Mega Millions' 1 in 12.6M.
Can I play both in the same week?
Yes. Powerball draws Monday, Wednesday, Saturday. Mega Millions draws Tuesday and Friday. A player can buy tickets for all 5 drawings in a week. Combined cost: $20+ per week at minimum 1 ticket each.