Mega Millions jackpot increases to $1.58 billion ahead of Tuesday’s drawing

(KTLA) — The Mega Millions jackpot is now estimated to be worth $1.58 billion ahead of Tuesday night’s highly anticipated drawing.  

The massive jackpot prize is considered to be one of the largest in U.S. history, eclipsing the $1.537 billion Mega Millions jackpot that was awarded in 2018.

The draw game hasn’t had a jackpot winner since April 18, after a ticketholder in New York matched all six numbers to win a $20 million prize.

This is the second time a lottery prize hit the billion-dollar mark in less than a month.

One Powerball ticket sold in downtown Los Angeles matched all six winning numbers in July to win the estimated $1 billion prize.

The lucky winner’s identity hasn’t been announced.

The largest lottery jackpot prize, a Powerball ticket estimated to be worth $2.04 billion, was won in California in November.

Mega Millions jackpot winners are so rare thanks to odds of one in 302.6 million.

The $1.58 billion payout would go to a winner who opts for an annuity, doled out over 30 years. But people usually prefer a lump sum option, which for Tuesday’s jackpot would be an estimated $783.3 million.

The money would be subject to federal taxes. Many states also tax lottery winnings.

Mega Millions is played in 45 states and the District of Columbia. Tickets are $2 and there are a total of nine ways to win a prize. Drawings are held at 11 p.m. ET Tuesdays and Fridays.

The Associated Press contributed to this report.