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Lamar Fallie, 52, of Chicago buys six Powerball tickets at a BP gas station Wednesday, Nov. 28, 2012 in Calumet Park, Ill. (AP Photo/M. Spencer Green)

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Cash option = $360.2 million before taxes

Updated: Wednesday, 28 Nov 2012, 12:51 PM CST
Published : Wednesday, 28 Nov 2012, 11:19 AM CST

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.

Photos: Powerball mania

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.