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0:50An electronic sign advertises the Mega Millions and Power Ball jackpot amounts outside a convenience store on August 7, 2023 in Silver Spring, Maryland.Chip Somodevilla/Getty Images

The jackpot for Tuesday's Mega Millions drawing is estimated to be $1.58 billion, a record high for the lottery and among the largest-ever U.S. drawings.

The drawing, which is scheduled for 11 p.m. ET, tops Mega Millions' previous high of $1.537 billion, according to the lottery. A single ticket sold in South Carolina won that prize.

PHOTO: A Mega Millions ticket is seen as a person makes a purchase inside a convenience store, ahead of Tuesday's Mega Millions drawing of $1.55 billion, Monday, Aug. 7, 2023, in Kennesaw, Ga. — A Mega Millions ticket is seen as a person makes a purchase inside a convenience store, ahead of Tuesday's Mega Millions drawing of $1.55 billion, Monday, Aug. 7, 2023, in Kennesaw, Ga.Mike Stewart/AP

The cash payout option is estimated at $783.3 million, the lottery said, adding that "at this level, jackpots are hard to predict with complete accuracy."

The jackpot is larger than all but two other U.S. lottery drawings, a $1.586 billion Powerball in January 2016 and a $2.04 billion Powerball jackpot in November 2022.

MORE: California Lottery says $2 billion Powerball winner is legitimate, amid claim ticket was stolen

There have been 31 drawings held since the Mega Millions jackpot was last won in New York on April 18, according to the lottery.

“It’s exciting to watch Mega Millions grow,” said Georgia Lottery President and CEO Gretchen Corbin, lead director of the Mega Millions Consortium, in a statement.

PHOTO: An electronic sign advertises the Mega Millions and Power Ball jackpot amounts outside a convenience store on August 7, 2023 in Silver Spring, Maryland. — An electronic sign advertises the Mega Millions and Power Ball jackpot amounts outside a convenience store on August 7, 2023 in Silver Spring, Maryland.Chip Somodevilla/Getty Images

She added, “As the jackpot climbs ever higher, we thank our players and retailers for their support, which benefits the many good causes funded by our participating lotteries.”

The previous four $1 billion Mega Million jackpots were won in 2018, 2021, 2022 and January 2023.

Mega Millions is played in 45 states, Washington, D.C., and the U.S. Virgin Islands. Tickets are $2 for one play.

Players must match all five numbers plus the Mega Ball number to claim the jackpot. The odds of winning the jackpot are 1 in 302,575,350.

ABC News' Meredith Deliso contributed to this story.

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