What is the new ‘Millionaire For Life’ lottery and how much can you win?

A new lottery game, “Millionaire For Life,” is set to launch in multiple states, offering winners the chance to collect an annual million-dollar paycheck.

Several states took the game under consideration last year, with the Multi-State Lottery Association confirming Thursday it will be available in late February in 30 lottery jurisdictions across the U.S.

Millionaire for Life will replace two long-standing games, Cash4Life and Lucky for Life, which offered the chance at $1,000 a day for life or up to $25,000 a year for life.

While there are a total of nine prize levels in the new game, the top two tiers far exceed the payouts of other games.

Instead of a one-off jackpot, those who match five numbers and the bonus ball can receive $1 million every year, which continues every year for life.

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The odds of winning the grand prize are one in 22.9 million.

Second-prize winners, those who manage to match five numbers without the bonus, can win $100,000 every year for life. Millionaire for Life has a total of nine prize levels.

Players can opt for a one-time lump sum payment if they win, which pays out a total of $18 million, and second prize winners take home $2.2 million.

Draws occur daily, with winning numbers announced after 10:00 PM CT every evening and tickets cost $5 each.

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Tickets will be sold in Arkansas, Colorado, Connecticut, District of Columbia, Georgia, Idaho, Iowa, Indiana, Kansas, Kentucky, Massachusetts, Maine, Michigan, Mississippi, Montana, North Carolina, North Dakota, Nebraska, New Hampshire, New Jersey, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Dakota, Tennessee, Virginia, Vermont, West Virginia and Wyoming.

Pending regulatory approval, the New York Lottery is also expected to offer Millionaire for Life at launch, according to organizers.

Specific details on how the games will work are yet to be shared, but officials from the Montana Lottery and the Wyoming Lottery appear to show that Millionaire for Life’s structure is similar to Powerball and Mega Millions.

Additional details about Millionaire for Life are expected to be released in mid-February, with the first daily drawings set for Sunday, February 22.