The Powerball jackpot has reached $700 million — the fifth-largest jackpot in its history

(CNN) — Now might just be a good time to buy a Powerball ticket.

The Powerball jackpot has increased to $700 million, making it the fifth-largest Powerball jackpot and eighth-largest US lottery jackpot of all time, according to a Powerball news release.

There have been 35 drawings in a row with no grand prize winner drawn, the release says. There will be another drawing at around 11 p.m. ET on Wednesday.

But unfortunately for ticket buyers, the odds of winning the massive prize are just 1 in 292.2 million. The lucky winner can choose to either receive 30 payments over 29 years or a lump-sum payment, according to the news release.

And the cash value of the prize will be around $335.7 million, says Powerball.

The biggest Powerball jackpot of all time was $1.586 billion in January 2016, per the release. The next-biggest jackpots were $768.4 million in 2019, $758.7 million in 2017, and $731.1 million in 2021.