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Powerball jackpot increases again to record $550M

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CINCINNATI - Fork out the cash, because Powerball's jackpot increased again Wednesday to a record $550 million -- $50 million more than the jackpot's previous record.

On Wednesday afternoon the Powerball's jackpot reached an estimated $550 million with a $360.2 million cash value. Earlier Wednesday, the jackpot was $500 million, which broke the Powerball's prior record on Tuesday, which was $425 million.

The increase came after no winners matched the numbers, which were 22, 32, 37, 44, 50 and Powerball 34. The drawing is Wednesday at 11 p.m.

In 2006, the game handed out its largest prize to date -- $365 million -- to eight co-workers at a Nebraska meat-packing plant.

The Powerball is held in 42 states, the District of Columbia and the U.S. Virgin Islands.

The prize still has a ways to go to match the U.S. record payout of $656 million, set in March by a Mega Millions jackpot that was split between three winners.

Copyright 2012 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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