US Powerball jackpot hits $1 billion

The U.S. Powerball jackpot has reached $1 billion, marking only the third time it has reached this amount in the game's history.

The Monday night drawing did not produce a winning ticket, making it the 38th consecutive drawing without a jackpot winner.

To win the jackpot, a ticket holder must match all six numbers drawn.

The odds of winning the jackpot are one in 292.2 million, according to the Powerball website.

Jackpot winners can choose to receive their prize as a lump-sum payment or as annual disbursements over 29 years.

The last winning jackpot ticket was chosen on April 19, with a prize of $252.6 million.

Three tickets worth $2 million each were sold in Arkansas, Georgia, and Texas during the latest drawing.

Additionally, five tickets worth $1 million each were claimed in Connecticut, Florida, Kentucky, New York, and Pennsylvania.

Powerball drawings occur every Monday, Wednesday, and Saturday. 

The largest Powerball jackpot ever won was $2.04 billion, and the game is played in 45 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.