US lottery jackpot soars to biggest ever in history

This weekend's lottery draw in the US grew to become the biggest the world has ever seen after running for three months without a winner.

The Powerball jackpot advertised for November 5 now stands at an estimated pre-tax value of $1.6 billion, the BBC reported.

The previous highest-recorded win was $1.59 billion in 2016, which was split between three players.

According to the lottery organizer, the odds of winning this weekend's jackpot are one in 292 million.

In order to win, the ticket must match all six numbers drawn to score the jackpot, which did not happen in the last 39 drawings.

Whoever holds the winning ticket will have the option of receiving the full amount in an annuity paid over three decades, but almost all winners opt for the upfront cash option instead, receiving a smaller amount as a lump sum.