Drawing For 8th Largest Mega Millions Jackpot In History Happening New Year's Day

SACRAMENTO (CBS) – As we head into a new year, some people are dreaming really big, like $425 million big. That's the jackpot amount for the Mega Millions lottery drawing on New Year's Day.

If one ticket hits the jackpot, it would be worth a one-time lump sum cash payout of $248.8 million.

Tuesday's drawing will be the fifth time Mega Millions has been drawn on the first day of a new year; the jackpot has been won once on the day – January 1, 2008.

It costs $2 to play the game, but the odds of winning the jackpot aren't good. The chance of matching all six numbers and taking home the grand prize is one in 302.5 million.

Mega Millions is played in 44 states as well as Washington, D.C., and the U.S. Virgin Islands.

This is the eighth largest Mega Millions jackpot in the game's history.