Mega Millions, Powerball prizes currently surpass $300 million

For the first time in years, both the Mega Millions and the Powerball jackpots have surpassed $300 million at the same time.

The jackpot for the Aug. 8 drawing for Mega Millions on Tuesday night has been raised to an estimated $350 million, with a cash option amount of $218.3 million.

Meanwhile, the Powerball jackpot for Wednesday night, Aug. 9, was set at $307 million, with a one-time cash payout estimated at $193.2 million.

The two multi-state lottery games are played in both Kentucky and Indiana.  

Tickets for the Mega Millions game are $1 each. The drawings take place at 10:58 p.m. Eastern time on Tuesdays and Fridays.

Tickets forWednesday's $307 million Powerball jackpot are $2 each. The drawings take place on Wednesdays and Saturdays at 10:58 p.m. Eastern time.  

With tempting jackpots for both games currently up for grabs, Kentucky Lottery officials issued an advisory for ticket purchasers to play responsibly. The jackpots have reached a level at which many occasional players start buying tickets.

The Kentucky Lottery advisory urged players not to spend "more than they can afford. Keep it in perspective because the odds of winning the jackpots are very high."

The current odds of winning a Mega Millions jackpot are one in about 258.9 million. The odds of hitting the Powerball jackpot are one in 292.2 million.

Both games involve the random drawing of five numbered balls from one set and a second drawing of one ball from another set. Both games offer a variety of lesser prizes below the jackpot.

A record $1.586 billion Powerball jackpot was shared in January 2016 by ticket holders in California, Florida and Tennessee.

Reporter Sheldon S. Shafer can be reached at 502-582-7089, or via email at sshafer@courier-journal.com.