Powerball Jackpot Climbs to $500 Million - News, Weather and Sports for Sioux City, IA: KCAU-TV.com

Powerball Jackpot Climbs to $500 Million

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By: Channel 9 Eyewitness News

news@kcautv.com

The Powerball jackpot for Wednesday's drawing has just hit an epic all-time high....$500 million dollars.

The jackpot was still historic when expected to be $425 million dollars.  The larger jackpots are a part of a plan lottery officials put into place early this year.  Their goal was to build jackpots faster, drive sales and generate 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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