First Posted: Mar 31, 2012 09:28 AM EDT

People stand in line to play the lottery at the Town & Country news stand in Los Angeles, California March 30, 2012. Buzz is building around the largest lottery jackpot in world history, now up to $640 million ahead of the drawing taking place in Atlanta late Friday night. (Photo : REUTERS/Mario Anzuoni)

The largest lottery jackpot in U.S. history totaling $640 million has at least one winner and officials were waiting early on Saturday to see if there are other winning tickets.

Maryland lottery officials announced that a winning ticket was purchased at a store in Baltimore County, though they had not identified the winner yet.

"This is truly remarkable and historic," said Maryland lottery director Stephen Martino.

If there is more than one winning ticket with all six numbers of the Mega Millions lottery drawn on Friday night the winners split the jackpot.

The winning numbers announced at the drawing in Atlanta were 2-4-23-38-46 and Mega Ball 23. It was expected to take hours to identify possible winners due to the sheer number of the $1 tickets sold.

Odds of winning the entire jackpot are 175 million to one, said Margaret DeFrancisco, president and chief executive of the Georgia Lottery Corporation.

If a single ticket matches all six winning numbers, the player would receive either a one-time payment of $462 million or the full jackpot in 26 annual installment payments.

"There is a tremendous amount of buzz and excitement," DeFrancisco said. Buyers lined up this week across the United States to purchase the lottery tickets.

"I'm going to pay off my law school loans," one woman said. Another woman said she drove to Colorado from Wyoming to buy tickets because the Mega Millions game isn't available there.

The previous largest Mega Millions jackpot was $390 million in 2007, which was split between two ticket holders in Georgia and New Jersey.

About half the lottery money goes back to ticket holders in the form of winnings, 35 percent to state governments and 15 percent to retailer commissions and lottery operating expenses.

No matter who wins the jackpot, one certain winner is the U.S. Internal Revenue Service. The tax-collecting agency subjects lottery winnings of more than $5,000 to a 25-percent federal withholding tax.

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