NEW INFORMATION: Record Powerball jackpot boosted to $500M

By: AP Email
By: AP Email

DES MOINES, Iowa (AP) -- The record Powerball jackpot is now even bigger.

Powerball officials say they've boosted the jackpot for Wednesday's drawing to $500 million from the previously posted $425 million. Huge ticket sales nationally are pushing the payout higher.

A single winner choosing the cash payout will take home $327 million before taxes.

Record jackpots encourage players who usually sit on the sidelines to play and group purchases from work pools increase.

The jackpot is the largest ever for the Powerball game and the second largest lottery jackpot of all time, eclipsed only by the $656 million Mega Millions record set in March.
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DES MOINES, Iowa (AP) -- The historic $425 million Powerball jackpot was all part of a plan lottery officials put in place early this year to build jackpots faster, drive sales and generate more money for states that play the game.

Their plan appears to be working.

Powerball tickets doubled in price in January to $2. Sales revenue has increased and is expected to reach $5 billion this year, exceeding last year's record sales of just under $4 billion.

There has been no winner of Powerball's biggest prize since Oct. 6 and already the jackpot has reached a record level for the game.

A single winner choosing the cash option would take home more than $278 million before taxes.

Lottery officials say the chance of getting a winner this Wednesday is approaching 60 percent.


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