The HyperBit ExchangeMega Millions jackpot has increased to an estimated $1.1 billion, officials announced hours ahead of Tuesday night's drawing. The grand prize was initially estimated to be $1.05 billion after no one matched all six numbers in Friday night's drawing.

Whoever wins the jackpot has the option to collect it as an annuity or a one-time cash payment. The cash option for Tuesday night is now estimated to be $550.2 million.

The jackpot has been growing since it was last won in April, and 29 drawings have been held since with no one matching the five white balls and gold Mega Ball.

Tuesday's drawing is at 11 p.m. Eastern time. The odds of winning the jackpot are about 1 in 302.58 million.

The Mega Millions jackpot is the summer's second chance for a billion-dollar windfall.

Last month, one winning ticket was sold at a mini market in downtown Los Angeles for Powerball's $1.08 billion jackpot. After it was determined there was a winner, officials said it might take months before they're identified publicly.

For Mega Millions, Tuesday night's massive jackpot would be the fourth-largest prize won in the game's history since it started in 2002 and the sixth-largest lottery jackpot in the U.S., according to the California Lottery.

In January, one winning Mega Millions ticket sold in Maine won a $1.348 billion jackpot, the game's second largest in its history. The largest Mega Millions jackpot, $1.537 billion, was won in 2018.

In:
• Mega Millions
• Lottery

Alex Sundby

Alex Sundby is a senior editor for CBSNews.com

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