FAIRBANKS, Alaska -

The jackpot for this year's Nenana Ice Classic will be just under $320,000.

The Fairbanks Daily News-Miner reports that the prize amount was approved by the Ice Classic's board of directors on Wednesday night.

Last year, the payout reached a record $350,000.

The value of the jackpot is equal to about half of the ticket sales for this year's contest. Tickets cost $2.50 each, and were available from Feb. 1 until April 5.

Participants in the Ice Classic try to guess exactly what time the ice will break upon the Tanana River in Nenana, located in between Fairbanks and Denali National Park. This year's unusually cold April temperatures have helped hold the ice until relatively late in the season.

Last year, the ice went out on April 23.