Mega Millions drawing Tuesday reaches $1.1 billion

The drawing for Tuesday's $1.1 billion Mega Millions jackpot takes place at 11 p.m.

Mega Millions ticket holders will be watching Tuesday's 11 p.m. drawing closely as the numbers for the third-largest prize in the Game's History are revealed.

The jackpot has climbed to $1.1 billion with no winner since Oct. 14. The cash option is $568.7 million.

MORE: What comes next for the lucky Mega Millions winners who become wealthy overnight?

While it's the third-largest prize in Mega Millions History, it is the fifth-largest in U.S. lottery History. The largest prize in lottery History came in November 2022, when a single Powerball winner took home $2.04 billion.

The odds of winning the Mega Millions jackpot are 1 in 302.5 million.

PHOTO: FILE - Mega Millions lottery tickets and a wager slip are displayed, Jan. 6, 2023, in Derry, N.H.
Mega Millions lottery tickets and a wager slip are displayed, Jan. 6, 2023, in Derry, N.H.
Charles Krupa/AP, FILE

The lucky winner can opt for either an annuity or the cash option.

The Mega Millions annuity is paid out as one immediate payment, followed by 29 yearly payments with each payment growing by 5%.

MORE: Woman wins $175,000 lottery jackpot in her office's holiday white elephant gift exchange

"This helps protect winners' Lifestyle and purchasing power in periods of inflation," according to the Mega Millions website.

Or, the winner can opt for the cash option: a one-time, lump-sum payment of the cash in the Mega Millions jackpot prize pool.

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