This shatters the previous world record for lotteries set on Thursday of $540 million -- the cash option is $462 million..
The odds of winning the jackpot had been set at about 1 in 176 million.
With the largest jackpot in history, many are giving into the frenzy -- including people who have never played before.
"It's a lot of money and I could do a lot of things with it," said Mary Hernandez of Selma.
Hernandez decided to try her luck for the first time, but admits she wouldn't know what to do with over half a billion dollars.
While people try their luck at the nearest liquor store, some are going to where there's been a history of winners -- like the Kwik Korner Market in Orosi where Jim Kitauchi won $32 million in the Super Lotto last year.
"A lot of people buy here, this lucky store, a lot of people came here last year, somebody may win this time again," said Kwik Korner Market owner Labu Sidu.
Just how much is $500 million dollars? Well you could easily afford the insanely pricey Ferrari 599 -- 1,600 Hundred of them to be exact. That's nearly 5 miles worth of Ferraris!!!"
The downside -- your chances of winning are just 1 in 176 million. To put that in perspective if you circled the equator, buying a ticket every single mile, you would need to circle toe globe 7067 trips to guarantee victory!
But as even the most cautious characters know you have to be in it to win it.
MegaMillions has drawn long lines of lottery players in stores in the 42 states plus Washington, D.C., and the Virgin Islands where tickets are sold. The world-record jackpot has also lured some residents to travel to other states to buy $1 tickets.
The Associated Press contributed to this story.