In an exciting turn of events, the U.S. multistate Mega Millions lottery jackpot has skyrocketed to a staggering $1.25 billion, making it one of the largest jackpots in U.S. history. Ticket holders across the nation are anxiously awaiting Friday evening's drawing, hoping to defy the odds and become an instant billionaire.

With a 1-in-300 million chance of winning big, the anticipation is palpable. The jackpot prize, valued at approximately $625.3 million in cash, marks the fourth largest in the game's history. To claim this life-changing sum of money, a player must have all six of the double-digit numbers pulled during the drawing at 11 p.m. EDT (0300 GMT on Saturday).

Unfortunately, at the previous drawing on Tuesday, no ticket matched all six numbers. However, seven lucky individuals did manage to match five of the six numbers, earning themselves $1 million each. Additionally, a fortunate player from Texas won $4 million by utilizing the Megaplier feature, which enhances the odds of winning prizes other than the jackpot.

If, once again, no winner is called during Friday's drawing, it will mark the 31st consecutive drawing without a jackpot winner, as stated in a press release by Mega Millions. The last time the Mega Millions jackpot was won was in April, when a player from New York struck gold.

However, if luck is on someone's side on Friday, they will have the option to receive the estimated jackpot in 29 annual payments or as a lump sum payment, estimated at a staggering $625.3 million.

This astronomical jackpot follows hot on the heels of the previous Mega Millions announcement, where the jackpot had soared to an estimated $1.1 billion just hours before Tuesday night's drawing. Initially projected to be $1.05 billion, the grand prize increased due to the absence of a winner. As with the current jackpot, winners have the choice to receive their winnings as an annuity or as a one-time cash payment. For Tuesday night's drawing, the cash option was estimated to be $550.2 million.

The Mega Millions jackpot has been steadily growing since it was last won in April, with an astonishing 29 consecutive drawings failing to produce a jackpot winner. Tuesday's drawing, held at 11 p.m. Eastern time, proved to be another disappointment as no one managed to match all six numbers. The winning numbers drawn were 8, 24, 30, 45, 61, with the yellow ball being 12. This prolonged drought without a winner has allowed the jackpot to balloon to an incredible $1.25 billion, solidifying its place as one of the largest jackpots in U.S. lottery history.

With odds of winning the Mega Millions jackpot standing at a staggering 1 in 302.6 million, it's no wonder that the prize has become so massive. While the chances of winning the jackpot are slim, the odds of winning smaller prizes, ranging from $2 to $1 million, are notably better. However, the allure of this monumental jackpot is undoubtedly the main draw for hopeful participants.

For the sole winner who chooses to receive their prize through an annuity, annual payments will be disbursed over a 30-year period. On the other hand, a winner who opts for a lump sum payment would receive an estimated $625.3 million. It's important to note that winners will be subjected to federal taxes, and various states also tax lottery winnings.

Mega Millions is played in 45 states, Washington, D.C., and the U.S. Virgin Islands, making it a widely accessible and highly anticipated lottery game. With drawings taking place every Tuesday and Friday, the excitement and anticipation are sure to continue as millions of people across the nation dream of striking it rich.