New Iowa Lottery Game Offers Players $1 Million/Year for Life

The Iowa Lottery has launched a brand new game that could make you a millionaire for the rest of your life.

Rather than a one-time lump-sum payout, or a prize with a grand total, the new game from the Iowa Lottery, which just debuted less than a week ago, gives residents a shot to win $1 million every year for the rest of their lives.

READ MORE: Steve Pulaski Interviews Iowa Lottery CEO Matt Strawn (EXCLUSIVE)

What is "Millionaire for Life?:"

The Multi-State Lottery Association has launched a new game called "Millionaire for Life" in 30 different states, including Iowa. The first tickets for the game were sold in Iowa on February 22nd, per The Des Moines Register. The ultimate prize of the game is in the title: $1 million/year for life.

The launch of the game follows the discontinuation of the "Lucky for Life" game, which offered winners up to $1,000/day for life. Here's how its successor works.

How "Millionaire for Life" Works:

Similar to Powerball and Mega Millions, Millionaire for Life is played with two sets of numbers. Players select five numbers from 1 to 59 in the first pool, and an additional number (from 1 - 5), the "Millionaire Ball," in the second pool. Five numbers are drawn from the first pool and one for the Millionaire Ball.

While the ultimate prize is obviously the most alluring, there are nine different prize tiers. A player matching all five numbers plus the Millionaire Ball wins them the top prize of $1 million/year for life. Matching the five main numbers awards $100,000/year for life. Not a bad consolation whatsoever. Even after taxes, there's a good chance you would only need to work part-time!

What are the Odds?:

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Millionaire for Life features overall odds of 1 in 8.46, with odds of approximately 1 in 22.9 million of winning the top prize, per the Illinois Lottery. Tickets cost $5, and drawings are held every day at 10:15pm CST. The first set of winning numbers (drawn on February 22nd) were: 1-30-48-54-58 with a Millionaire Ball of 4.

Read more about the Iowa Lottery's new Millionaire for Life game on their official website and The Des Moines Register.