Powerball Jackpot Rises To $550 Million

DES MOINES, Iowa (AP) — The record Powerball jackpot just keeps rising. It now stands at $550 million after officials say brisk sales keep driving up the payout amount.

The jackpot was boosted to $500 million on Tuesday and raised again Wednesday morning to $550 million.

A winner taking the cash option would get $360.2 million before taxes.

The numbers are an estimate and could be increased again as the drawing nears.

Powerball officials say they now believe there is a 75 percent chance that the winning combination of numbers will be drawn Wednesday night.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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