Powerball jackpot hits record-breaking $700 million

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The logo for the multi-state lottery Powerball.

DENVER — The new Powerball jackpot has soared past the record for the biggest jackpot in U.S. history.

It hit $700 million on Thursday after Wednesday night’s drawing was the 18th without a winner. The previous jackpot record was held by a 2012 MegaMillions game worth $656 million.

A lump-sum cash payment for the jackpot is currently worth an estimated $428.4 million, according to the Colorado Lottery.

The current jackpot first climbed to $675 million Wednesday night and reached $700 million before noon on Thursday.

This jackpot first broke into the top 10 largest jackpots in U.S. history over the weekend, when it hit $400 million, and ticket sales have continued to soar,

But even with a flood of new tickets in the contest, nobody has beaten the 1 in 292 million odds of matching all six winning numbers.

The next drawing is set for Saturday at 8:59 p.m.

The current jackpot has been growing since Nov. 7, 2015.

To play, consumers choose five numbers from 1 to 69 and one Powerball number from 1 to 26. To win the jackpot, a ticket must match all six numbers.

Tickets are $2 and players can also opt to spend an extra $1 for the Power Play, which gives them a chance to multiply lower-tier prizes.

Proceeds from the Colorado Lottery’s games create, enhance, and protect parks, wildlife areas, trails and open space in Colorado. For 33 years, the Lottery has returned more than $2.8 billion to outdoor projects through Great Outdoors Colorado (GOCO), the Conservation Trust Fund, and Colorado Parks & Wildlife.