The Powerball jackpot has soared to a whopping estimated $1.73 billion after no big winner was drawn Monday night, marking the second largest prize in the lottery's history.

It is also the first time in Powerball's history that consecutive jackpot cycles have reached billion-dollar prizes, Powerball announced.

If a lucky ticket holder scores the jackpot, they will have the choice between an annuitized prize worth an estimated $1.73 billion or a lump sum payment estimated at $756.6 million -- both before taxes, Powerball said.

Monday's winning numbers were 16, 34, 46, 55, 67 and Powerball 14. The drawing produced more than 3.7 million winning tickets at lower prize levels, including a $2 million prize in Florida and four $1 million prizes in California, Indiana, Oregon and Virginia, according to Powerball.

It has been months since the jackpot was last won on July 19, when a single ticket in California won a jackpot worth $1.08 billion.

The $1.73 billion prize is second only to a $2.04 billion prize won in California last November.

The overall odds of winning any Powerball prize are 1 in 24.9 but the odds of scoring the jackpot are 1 in 292.2 million, according to the lottery.

The next drawing is Wednesday at 10:59 p.m. ET.