by Mindy Cohn

The Powerball jackpot has reached one billion dollars and is ready and waiting for a lottery winner tonight.

The Powerball drawing takes place on Mondays, Wednesdays, and Saturdays at 10:59 p.m. 

The $1 billion jackpot is the third largest in the history of the United States and is the result of  38 consecutive drawings that did not produce a grand prize winner. The chances of winning are one in 300 million.

The Mega Millions jackpot has also burgeoned. The jackpot is $720 million after Tuesday night's drawing failed to produce a winner.

The last Mega Jackpot won in New York was on April 18, and the value has been growing ever since, making this the second July in a row that the Mega Millions jackpot has grown to this level.