The Powerball jackpot has surged to an impressive $1.6 billion, positioning it as one of the largest lottery windfalls in the history of the United States, as announced by Powerball representatives on Sunday.

Saturday’s draw saw no tickets hitting the jackpot by matching all six numbers: the white balls 4, 5, 28, 52, 69, and the red Powerball 20. This absence of a winner has escalated the prize to what is now the fifth-largest jackpot ever in the U.S., set for Monday’s draw, as detailed in a Powerball press release.

The record for the largest U.S. jackpot was set at $2.04 billion back in 2022. The fortunate ticket holder, who purchased their ticket in California, chose the cash payout option, receiving a hefty sum of $997.6 million.

As stated by Powerball, the odds of clinching Monday’s staggering jackpot, which ranks as the fourth-largest in Powerball’s history, are a daunting 1 in 292.2 million.

The eventual winner faces a choice between a cash payout, projected at $735.3 million, or receiving the full $1.6 billion in installments over time. Both figures are calculated before taxes are applied.

The annuity option offers one immediate payment followed by 29 annual payments that increase by 5% each year, Powerball said.

Powerball is available in 45 states, Washington, D.C., Puerto Rico and the U.S. Virgin Islands. It is overseen by the Multi-State Lottery Association, a nonprofit group made up of state lotteries. Profits from ticket sales are used by states to support public education and other services.