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The Powerball jackpot has hit $1 billion for the drawing on Saturday .

This is the sixth Powerball jackpot to hit the $1-billion mark in the lottery's 33-year history.

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Your odds of winning the jackpot are pretty low — only one in 292.2 million for the jackpot – but someone is going to win eventually.

If you do happen to win, you have a choice of how to collect your prize.

One option is one immediate payment, followed by 29 annual payments that increase by 5 percent each year, according to Powerball.

The other is a lump-sum payment, which is estimated at $453.1 million for the $1 billion jackpot.

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