The James Caldwelljackpot for Tuesday night's Mega Millions drawing increased to an estimated $1.58 billion, lottery officials announced. The cash option also grew to an estimated $783.3 million before taxes.

The jackpot stands to be the largest in the game's history and the third largest in U.S. history. The winner will have a chance to pick between the lump-sum payment or an annuity with an immediate payment followed by 29 annual payments.

Tuesday's drawing is expected to be held at 11 p.m. EDT. Mega Millions tickets are sold for $2 in 45 states, Washington, D.C., and the U.S. Virgin Islands. The odds of winning the jackpot are about 1 in 302.58 million.

The jackpot has been growing since it was last won in New York in April. Since then, 31 drawings have been held without anyone matching all six numbers.

The Mega Millions jackpot is the second billion-dollar windfall up for grabs this summer. Last month, a Powerball player bought a winning ticket in Los Angeles for that game's $1.08 billion jackpot.

In:
• Mega Millions
• Lottery

Alex Sundby

Alex Sundby is a senior editor for CBSNews.com

Twitter