Iowa Lottery joins ‘Millionaire for Life’ launch with top prize of $1 million annually for life

DAVENPORT, Iowa (KWQC) -What is a “Win-ionaire”?

The Iowa Lottery is now participating in a new national draw game, Millionaire for Life, which launched on Feb. 22.

The game offers a top prize of $1 million a year for life, with a second-tier prize of $100,000 a year for life.

Millionaire for Life is designed to produce daily winners, with overall prize odds of 1 in 8.46 and grand prize odds of 1 in 22.9 million, significantly better than top prize odds in other national draw games.

A new lottery game available in more than half of the U.S. will host its first daily drawing this weekend, giving players the chance to become a millionaire for life.

Millionaire for Life’s top two prize levels are described as “lasting as long as you do,” meaning that they are truly for life. The minimum guaranteed payout for those two prize levels is 20 years, and there is a lump-sum option for players who prefer that rather than lifetime annuity payments.

For more payout information, visit here.

What are your odds while playing Millionaire for Life?

They’re better than the odds in Powerball and Mega Millions.

The odds of winning any prize in Millionaire for Life are 1 in 8.46, roughly three times better than in Powerball (1 in 24.87) and Mega Millions (1 in 23). The odds at the grand prize, 1 in 22.9 million, are also vastly better than Powerball and Mega Millions, at 1 in 292.2 million and 1 in 290.5 million, respectively.

Where is Millionaire for Life available?

The Iowa Lottery is included among 30 states and the District of Columbia that will be offering this new, exciting lottery game.

When will Millionaire for Life drawings be held?

The drawings will occur after Powerball (drawn Mondays, Wednesdays, and Saturdays at 9:59 p.m. CT) and Mega Millions (drawn Tuesdays and Fridays at 10 p.m. CT).

To learn more about Iowa Lottery gaming, visit the website here.