powerball
A woman holds Powerball lottery tickets outside Bluebird Liquor in Los Angeles on Jan. 12, 2016. Reuters/Lucy Nicholson

Mega Millions and Powerball jackpots both for the first time crossed more than $300 million in winning prize money. Tuesday's Mega Millions jackpot, which is an estimated $350 million, will be drawn again as no winning tickets were sold for Tuesday night.

The next Mega Millions drawing will take place Friday at 11 p.m. EDT. Meanwhile, the Powerball drawing for an estimated $307 million will take place Wednesday night.

This is the first time both the U.S. lotteries have offered such a large prize money which can be claimed annually for 29 years. The estimated cash prize given to Mega Millions' winner will be $218.3 million while the Powerball winner will get $193.2 million.

According to reports, the odds of winning Mega Millions are one 258.9 million while the odds of winning Powerball are one in 292.2 million.

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Tuesday's Mega Millions of numbers were 11, 17, 50, 52 and 74 for the white balls with 14 as the Mega Ball.

The largest Powerball jackpot ever was $1.6 billion that was split three ways in January 2016. The single largest Mega Millions jackpot was $656 million in 2012.

How to play and check Mega Millions:

Each ticket for Mega Millions cost $1 and players must "pick six numbers from two separate pools of numbers - five different numbers from 1 to 75 and one number from 1 to 15 - or select Easy Pick," the lottery's website states, adding that if your numbers match all six winning numbers in a drawing —you hit the jackpot. The jackpot starts at $15 million and increases by a minimum of $5 million per draw.

In case you win the jackpot, you can choose the annuity payment where you are paid one installment immediately, followed by 29 annual payments. According to Mega Millions, each payment value is 5 percent higher than the previous one. The tickets are sold in 44 states as well as Washington, D.C. and the Virgin Islands. Each state determines its cut-off time to purchase tickets.

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How to play and check Powerball:

Powerball tickets are sold for $2 and can be purchased in 44 states including the Virgin Islands, Puerto Rico, and Washington D.C. Players need to pick five lucky numbers from 1 to 69 and one Powerball number from 1 to 26 on a Powerball play slip. The sale of tickets ends at least an hour before the official draw which takes place Wednesday and Sunday night. Here's a quick guide as to how you can win.

Several local TV networks show the Powerball drawing live. Here's a list of the states and TV network.

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