The Powerball jackpot that started rolling three months ago is now holds a special title – the world’s largest lotto prize ever offered.

On Friday, lottery officials increased the estimated jackpot to $1.6 billion for the Saturday, Nov. 5 drawing. The jackpot has a cash value of $782.4 million. Saturday’s estimated jackpot has surpassed the world record amount previously set by Powerball in 2016, when tickets in California, Florida and Tennessee won a $1.586 billion jackpot.

The next Powerball drawing will take place at the Florida Lottery draw studio in Tallahassee at 10:59 p.m. ET (9:59 p.m. CT) on Saturday, Nov. 5. Ticket sale cut-off times vary by jurisdiction, but typically occur 1-2 hours before the scheduled drawing.

Jackpot winners may choose to receive their prize as an annuity, paid in 30 graduated payments over 29 years, or a lump sum payment.

Saturday’s drawing will be the 40th Powerball drawing since the jackpot was last won on Aug. 3 in Pennsylvania. If no one wins the jackpot in Saturday’s drawing, it will tie the game record for the number of consecutive drawings without a grand prize winner. The longest jackpot run in Powerball history ended on Oct. 4, 2021, when a ticket in California won a $699.8 million jackpot on the 41st drawing.

Powerball tickets are $2 per play. Tickets are sold in 45 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands but are not sold in Alabama.

The overall odds of winning a prize are 1 in 24.9. The odds of winning the jackpot are 1 in 292.2 million.

Top 10 Powerball Jackpots

1. $1.6 Billion (est.) – Nov. 5, 2022

2. $1.586 Billion – Jan. 13, 2016 – CA, FL, TN

3. $768.4 Million – March 27, 2019 – WI

4. $758.7 Million – Aug. 23, 2017 – MA

5. $731.1 Million – Jan. 20, 2021 – MD

6. $699.8 Million – Oct. 4, 2021 – CA

7. $687.8 Million – Oct. 27, 2018 – IA, NY

8. $632.6 Million – Jan. 5, 2022 – CA, WI

9. $590.5 Million – May 18, 2013 – FL

10. $587.5 Million – Nov. 28, 2012 – AZ, MO