NEW YORK (CNN) -- The odds are long, but the payoff could be huge - record-breaking, in fact. Ticket holders have a 1-in-176 million chance of winning Tuesday's 12-state Mega Millions jackpot, which could be in excess of $370 million.
The hype surrounding the jackpot has prompted Mega Millions to move the drawing to New York's Times Square instead of Atlanta, where it is usually held.
Yolanda Vega, known as the New York Lottery Queen, will draw the winning ticket at 11 p.m. ET.
She said sales of the $1 tickets have been brisk - up to $1 million-worth an hour.
The $370 million jackpot is a record for Mega Millions, topping the $340 million jackpot offered last week. With no winner last week, the current Mega Millions jackpot has rolled over 15 times since Jan. 12, according to Susan Miller, executive director of New York Lottery.
If there is just one person matching all five numbers plus the "Mega Ball," that person would receive a lump-sum payout in excess of $277 million, also a record for Mega Millions. With more than one winner, the prize would be split.
People who match all five numbers but not the "Mega Ball" would get a mere $250,000. Other matching number combinations will win prizes ranging from $10,000 down to $2.
Overall there is a 1-in-40 chance of winning a cash prize.
Tickets are on sale through 10:45 p.m. Tuesday at locations in 12 states: California, Georgia, Illinois, Maryland, Massachusetts, Michigan, New Jersey, New York, Ohio, Texas, Virginia and Washington.
Mega Millions officials said the size of the official jackpot and payout will be determined by 2 a.m. ET, once all the ticket sales have been tallied.
Mega Millions says 35 percent of the money it takes in goes to support government services, including public education, in its member states. Fifty percent of every dollar wagered goes to the winners, while 15 percent is used to pay retail commissions and operating costs. 
