JOHNSTON, Iowa — The Powerball jackpot for Saturday night’s drawing swelled to $1.6 billion by midday Friday, making it the largest prize in lottery history.

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According to a news release issued by Powerball, the payout for Saturday’s drawing has officially surpassed the world record set by the 2016 Powerball jackpot of $1.586 billion split among three players in California, Florida and Tennessee.

“This Powerball game is delivering exactly what our players want,” Drew Svitko, Powerball product group chair and executive director of the Pennsylvania Lottery, said in a prepared statement.

“We are witnessing history in the making with this $1.6 billion jackpot! What’s also exciting is that this run has already created millions of winners, including nearly 100 players who have won prizes worth $1 million or more,” Svitko added.

A jackpot winner for the multistate lottery has not been selected in more than three months.

According to The Associated Press, the advertised jackpot is the prize for a winner who chooses an annuity, paid annually over 29 years. Almost all winners instead opt for the lump sum, cash prize.

The lump sum payout for Saturday’s drawing would be an estimated $782.4 million, Powerball confirmed.

According to Powerball officials, if Saturday’s drawing goes winless, the record for the number of consecutive drawings without a grand prize winner will be tied. The longest jackpot run in Powerball history ended on Oct. 4, 2021, when a ticket in California won a $699.8 million jackpot on the 41st drawing.

Powerball is played in 45 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands.

- The Associated Press contributed to this report.

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