What you need to know about the biggest jackpot in the world...

Published: Oct. 23, 2018 at 11:26 AM EDT
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What you need to know about the Mega Millions drawing:

The drawing for $1.6 billion is the biggest lottery jackpot in history.

So far, more than 5 million Mega Millions tickets have been purchased for the drawing.

That number includes 830,000 that were bought on Tuesday morning, which breaks down to 165,000 tickets an hour.

To compare, on Friday players bought 9.8 million tickets for the $1 billion jackpot and 7 million of those tickets were purchased the day of the drawing.

That is a typical purchasing pattern, says Jeff Holyfield from the Michigan Lottery. He added that he expects the same pattern to be repeated on Tuesday.

if you want to take the gamble and get your ticket you have until 10: 45 p.m. to buy it. Each tickets costs $2 to play. You can purchase the "Megaplier" option which multiplies all non-jackpot prizes up to 5 times for another dollar.

If you win, and you want the cash option that's $904.9 million, the net tax withholding would be about $650 million.

Lottery officials tell News 10 that the cash option alone will rank as the 3rd highest lottery prize in U.S. history.

What you might not know is that the jackpot amount is based on an escalating annuity. According to Holyfield, an initial payment, then 29 annual payments; with the annuity, payment No. 1 would be about $24 million and payment No. 30 would be about $99 million.

Since this jackpot is the new record holder at $1.6 billion, what was the old record?

Well, the previous record for the U.S. and the world was a $1.586 billion Powerball jackpot that was won on Jan. 13 in 2016 between winners in California, Florida, and Tennessee.