EVERYTHING YOU NEED TO KNOW ABOUT THE SOARING $1.04 BILLION POWERBALL

The Powerball jackpot has reached $1.04 billion, making it the third-largest in U.S. history.

The odds of winning the Powerball jackpot are 1 in 292.2 million.

The Powerball drawing takes place every Wednesday and Saturday at 10:59 p.m. ET.

Players can choose their own numbers or opt for a quick pick, which randomly generates numbers.

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Tickets cost $2 each, and players can add the Power Play option for an extra $1 per play.

If there is no winner, the jackpot will continue to grow until someone matches all six numbers.

The winner can choose to receive the prize as a lump sum or in annual payments over 30 years.

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