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US lotto jackpot hits world-record $1.6 billion

The jackpot has been steadily growing since the grand prize was last won on 3 August in Pennsylvania
The jackpot has been steadily growing since the grand prize was last won on 3 August in Pennsylvania

The US Powerball jackpot grand prize that could pay out as soon as tomorrow has climbed to $1.6 billion, the world's largest lotto prize ever.

The jackpot has been steadily growing since the grand prize was last won on 3 August in Pennsylvania.

Tomorrow drawing, which will take place at the Florida Lottery studio at 10:59pm (2:59am on Sunday Irish time), marks the 40th Powerball drawing since the jackpot was last won.

The last Powerball record jackpot occurred in 2016 when tickets in California, Florida and Tennessee shared a $1.586 billion jackpot.

The odds of winning the jackpot are 1 in 292.2 million, according to Powerball organisers.

Winning ticket holders are not the only ones to get a pay day in the drawing.

US tax authorities will take around 40% of the jackpot, and state and local authorities may want a share as well.

Any sole Powerball winner could choose to receive a lump sum payment, calculated for Saturday's jackpot at $782.4 million, or they could opt for 30 graduated payments over 29 years.

Powerball tickets cost $2 to purchase and are sold in 45 US states, the District of Columbia, Puerto Rico and the US Virgin Islands.

If no one hits the jackpot in Saturday's drawing, it will tie the record for the longest stretch without a grand prize

To play Powerball, a ticket buyer must choose five different numbers from one to 69, then pick a Powerball number from one to 26.

Then, the buyer goes home and dreams big - while waiting for the results of the drawing and the likely letdown afterward.

If no one hits the jackpot in tomorrow drawing, it will tie the record for the longest stretch without a grand prize.

Prior to the massive 2016 Powerball payout, previous records were set in 2019 in Wisconsin ($768.4 million) and in 2017 in Massachusetts ($758.7 million).