Powerball jackpot jumps to $550 million | News

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 This material may not be published, broadcast, rewritten or redistributed.)