SACRAMENTO (CBS13) – Nearly a billion dollars in jackpot money is up for grabs between the MEGA Millions and POWERBALL lotteries.

The MEGA Millions jackpot is expected to be $654 million Tuesday night– just $2 million shy of the record jackpot won on March 30, 2012. Ticket sales ahead of the drawing could make it a record payout.

The last time anyone matched the 5 white balls and golden MEGA ball was July 24. 11 co-workers from California shared that $543 million jackpot.

If anyone matches all of the winning numbers Tuesday night they have the option to take the lump sum cash option worth $372.6 million.

Here’s what you need to know before the 8 pm (Pacific time) drawing:

  • Tickets cost $2 per play
  • Players pick 6 numbers- the first 5 range from 1-70; the MEGA Ball is 1-25
  • Players can choose their own numbers or select Easy Pick/Quick Pick
  • Winners can get paid in 2 ways: Annuity (1 immediate payment followed by 29 annual payments), or Cash (one-time, lump-sum payment)
  • The “draw entry” closes at 7:45 pm (Pacific time)
  • The numbers are picked at 8 pm (Pacific time)
  • The overall odds of winning any MEGA Millions prize is about 1 in 24
  • The overall odds of winning the MEGA Millions jackpot is about 1 in 303 million

The POWERBALL drawing takes place Wednesday and is worth an estimated $345 million, with a cash value of $199 million.

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Here’s what you need to know before the 7:59 pm (Pacific time) drawing

  • Tickets cost $2 per play
  • Players pick 6 numbers- the first 5 range from 1-69; the POWERBALL ranges from 1-26
  • Players can choose their own numbers or select Quick Pick
  • The “draw entry” closes at 7 pm (Pacific time)
  • The numbers are picked at 7:59 pm (Pacific time)
  • The overall odds of winning any POWERBALL jackpot is about 1 in 25
  • The overall odds of winning the POWERBALL jackpot is about 1 in 292 million