The Mega Millions jackpot has grown to $1.58billion (Picture: Getty Images)

The Mega Millions jackpot has grown to the third-largest amount in US history, at $1.58billion.

Lottery players will have a chance at winning it during the next drawing on Tuesday at 11pm ET.

The Mega Millions has reached this record-making amount after 31 straight drawings yielding no jackpot winner. The last jackpot was won on April 18.

‘It’s exciting to watch Mega Millions grow,’ stated said Georgia Lottery President and CEO Gretchen Corbin, who is the lead director of the Mega Millions Consortium.

The Mega Millions drawings happen on Tuesdays and Fridays at 11pm ET (Picture: Getty Images)

‘As the jackpot climbs ever higher, we thank our players and retailers for their support, which benefits the many good causes funded by our participating lotteries.’

To win the jackpot, players must match five numbers and the Mega Ball number. Odds for winning it are one in 302,575,350.

If there is a winner on Tuesday, the individual could opt for the $1.58billion in annuity payments over three decades. The option of a lump sum is estimated at $783.3million, with the lottery stating that ‘at this level, jackpots are hard to predict with complete accuracy’. The amount would be subject to federal tax and state tax where applicable.

The biggest-ever jackpot in the US was the $2.04billion Powerball that was won in 2022 in California. The second-highest one was nearly the same amount at $1.586billion, a Powerball jackpot won in 2016.

Considering only the Mega Millions game, the current jackpot is the largest ever. The highest amount for the Mega Millions was $1.537billion and won by one person in South Carolina.

The last four $1billion Mega Million jackpots were won in January 2023, as well as 2022, 2021 and 2018.

Forty-five states, Washington DC and the US Virgin Islands participate in the Mega Millions game.

The Mega Millions drawing is Tuesday night.