Mega Millions $1.6 billion Jackpot: When is the Next drawing?

Everybody's catching Mega Millions fever and for good reason.

The next Mega Millions jackpot estimated jackpot is $1.6 billion ($904 million cash option), which is the largest lottery jackpot in U.S. history. So when can you cash in on this record-breaking game?

The next Mega Millions drawing is Tuesday, October 23, at 11 p.m. ET. You have until the purchase deadline Tuesday at 10:45 p.m. ET to enter the Mega Millions drawing.

For context, the $1.6 billion jackpot would be enough for the winner to purchase a professional sports franchise. According to Forbes, the record jackpot is worth more than the Tampa Bay Rays, which is valued at $900 million.

You'd also be able to puchase all 31 NHL teams as Forbes has the New York Rangers, valued at $1.5 billion, as the most expensive team in the league.

The jackpot is also just under the average value of an NBA franchise, which is $!.65 billion, according to Forbes. Twenty NBA teams are valued at under $1.6 billion, including the San Antonio Spurs, who are currently worth $1.5 billion.

Additionally, the Mega Millions jackpot winner would have a larger net worth than rapper and entrepreneur Jay-Z, whose estimated worth is at $900 million, according to Forbes via NBC News.

The record Mega Millions jackpot of $656 million on March 30, 2012, was shared by winners in Illinois, Kansas and Maryland, while a $648 million jackpot was won in California and Georgia on December 17, 2013.

Mega Millions is also a multistate lottery and one of America's two biggest lottery jackpot games. Jackpots start at $40 million, and other prizes pay from $1 million to $2 million or more with a Megaplier.

You have until the purchase deadline Tuesday at 10:45 p.m. ET to enter the Mega Millions drawing.

The top Mega Millions jackpots to date:

Amount/Date/Winning Tickets

$656 million on 3/30/2012 3-IL, KS, MD

$648 million on 12/17/2013 2-CA, GA

$543 million on 7/24/2018 1-CA

$536 million on 7/8/2016 1-IN

$533 million on 3/30/2018 1-NJ

$451 million on 1/5/2018 1-FL

$414 million on 3/18/2014 2-FL, MD

$393 million on 8/11/2017 1-IL

$390 million on 3/6/2007 2-GA, NJ