Powerball ~ Mega Millions jackpots

The top lottery prize soared to an estimated $500 million for the Jan.

Drawing after no ticket matched all six numbers in the final drawing of 2021

The winner, who must match numbers on five white balls (1-69) and the red Powerball (1-26)

Also has the option to claim a one-time lump sum payment of an estimated $355.9 million before taxes.

The next drawing will be held at 10:59 p.m. ET on the first day of 2022

The Powerball jackpot grows until a winning ticket is sold

Winners can choose to receive their prize as an annuity, paid in 30 payments over 29 years, or take the lump sum payment. Federal and jurisdictional taxes are applicable to either payout

Powerball drawings are held on Monday, Wednesday and Saturday in 45 states, Washington D.C., the U.S. Virgin Islands and Puerto Rico.

The current estimated prize is far from the U.S. jackpot record, which was a whopping $1.586 billion Powerball prize in 2016