Record Powerball Jackpot Reaches $900 Million Hours Before Drawing

LANSING (WWJ) - The record-breaking Powerball jackpot just keeps getting bigger.

Lottery officials confirmed Saturday morning that the jackpot has risen to an incredible $900 million for tonight's drawing. It's the biggest lottery prize ever in US history.

The winner has the choice of being paid through annual payments over 29 years or opt for a $558 million lump-sum cash payout.

Considering tickets are selling at such an incredibly fast rate, lottery officials say the jackpot has a potential to grow even larger before the drawing, which takes place at 10:59 p.m. Saturday.

Tickets, which cost $2 each, can be purchased until 9:45 p.m.

[Powerball Fever Spreads Across Michigan: 4.6 Million Tickets Sold Friday Alone]

All eyes have been on the skyrocketing jackpot, which has grown by $400 million after no one won in Wednesday night's drawing.

The previous record for a U.S. lottery jackpot was $656 million. That Mega Millions jackpot was won in March 2012 and split between three winning tickets (Kansas, Illinois and Maryland). The former record Powerball jackpot was $590.5 million, won in May 2013 by a Florida woman.

The biggest lottery prize in Michigan is a $337 million Powerball jackpot, won by a Lapeer man in August 2012.

Powerball is played in 44 states, the District of Columbia, the U.S. Virgin Islands and Puerto Rico.