There is lots of excitement for the Feb. 14 Powerball jackpot, which currently stands at $40 million. The drawing will take place Saturday night at 11 p.m. ET.

The odds of winning the jackpot, which equates to a $27 million cash value, are approximately 1 in 175.2 million. However, players have a better chance of winning a smaller prize since the odds are 1 in 32.

Earlier this week, three lucky lottery winners hit one of the largest jackpots in U.S. history. By Wednesday, the Feb. 11 Powerball jackpot had soared to a whopping $564 million after rolling over for nearly three months, reports Reuters. As a result, the jackpot became the fifth largest lottery prize in U.S. history as well as the third largest in the game's history.

According to the Powerball website, three ticketholders in North Carolina, Texas and Puerto Rico won the estimated $564.1 prize.

The winning numbers from the drawing were 11, 13, 25, 39 and 54, and the Powerball number was 19.

The winners have the option of either accepting an annuitized prize, paid out over 29 years in 30 payments, or one lump-sum payout.

One Match 5 winner in Pennsylvania won the Power Play bonus for $2 million, reports The Chicago Tribune. In addition, several Match 5 winners across the country walked away with $1 million each.

The odds of winning the jackpot are approximately 1 in 175.2 million.

Powerball is played in 43 states along with District of Columbia and the U.S. Virgin Islands. Depending on the state you're in, the draw entry will close either one or two hours before the actual drawing, according to the Powerball website. Powerball winning numbers are drawn live every Wednesday and Saturday night at 11 p.m. ET.

There are nine ways to win in the Powerball lottery, but players need to match all five white balls in any order and the red Powerball to win the jackpot. Second prize winners who match the five white balls in any order are rewarded with $1 million paid in cash. Any player that matches the red Powerball is also a winner.