The winning numbers for Friday's Mega Millions drawing are 28, 30, 39, 59, 70 and the Mega number is 10. Most winners opt for cash options, which would be $281 million for Mega Millions and $358.5 million for Powerball. It's the fourth largest Mega Millions jackpot.
The Powerball draw, which takes place on Saturday, has its fifth-largest jackpot, standing at $570m (£420m).
The largest Powerball jackpot to date was a $1.6bn (£1.2bn) payout, split three ways in January 2016.
It's a billion dollar weekend for lottery players. To put that in perspective, 88 quadrillion is the same as 88,000 trillion or 88 million billion.
"It would be awesome", said lottery player Robert May.
"You've got a chance". Lawson's jackpot holds the record for the largest Lottery prize ever won in MI. "But anyone who looks at the size of a tax bill from a win like this is going to care at some level about taxes because the number is so huge".
Mega Millions, Powerball Tip $1 Billion in Combined Jackpots
Americans spent $80.5 billion on lottery games previous year, according to the North American Association of State and Provincial Lotteries. But it's a situation that is set to happen more frequently.
Last October, Mega Millions changed the numbers that players could choose from, bringing the odds of picking all six numbers to 1 in 302.6 million, from 1 in 258.9 million under the old format.
Long odds have not stopped "lottery fever" from spreading, with people lining up at retailers to buy the $2 tickets, said Jeff Lenard, spokesman for the National Association of Convenience Stores, whose members sell about 60 percent of the nation's lottery tickets.
The odds of a single ticket hitting all six numbers in the Powerball are 292 million to 1, according to the Multi-State Lottery Association.
He believes this is due to the recent cold weather, and the fact people tend to typically spend more on the lottery during the holidays.
You'd be surprised how many winning tickets are never turned in.More news: Some Android games are spying on your TV habits through your microphone