Feeling lucky? Canadians eligible to buy tickets for $550M U.S. Mega Millions lottery

Canada AM: What are the odds of winning? With a major lotto jackpot up for grabs, Prof. Broverman of the University of Toronto breaks down the math and reveals the odds of winning.

One of the biggest lottery jackpots in U.S. history is up for grabs on Tuesday, and Canadians have a chance to claim a piece of the $550 million prize.

The Mega Millions jackpot rose to the jaw-dropping amount – the fourth largest in U.S. history -- over the weekend after no ticket with the winning six numbers was purchased ahead of Friday’s draw.

And after strong weekend sales, the prize could rise even higher, Mega Millions' lead director and executive director of the Virginia Lottery Paula Otto told The Associated Press on Sunday.

Otto said ticket sales were up 20 per cent and the prize could even surpass last year's record of $656 million, set in March 2012.

Jeff Holyfield, director of public relations for the Michigan Lottery, told CTVNews.ca that Canadians willing to take a trek south of the border are "absolutely" welcome to play.

Holyfield said that while the lottery isn't selling tickets to Canadians online, those with a ticket in hand have a chance at the jackpot, just like everyone else.

"At this time of year, that might be worth a road trip, or a phone call to a cousin or a friend in the U.S.," he said.

Ahead of the next draw, scheduled for Tuesday, here's what you need to know to get a Mega Millions lottery ticket of your own:

As of Monday, that means a $550-million jackpot paid out in a 30-year escalating annuity, with one initial payment, followed by 29 annual payments, or $295 million in one lump sum, according to the lottery's website.

Holyfield noted that most people prefer to take the lump sum, despite the cut in their winnings. "That's still a pretty darn good rate of return," he said.

"You talk about making Christmas dreams come true, (if) somebody wins this Tuesday night, they're going to have a very Merry Christmas."

With files from The Associated Press