Powerball jackpot grows to record $550 million - WTOC-TV: Savannah, Beaufort, SC, News, Weather & Sports

Powerball jackpot hits record $550 million

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The jackpot for Wednesday night's Powerball drawing has surged to $550 million, which is the largest in the game's history, according to the Georgia Lottery.

The jackpot has rolled over 15 times and has grown since Oct. 6.

The jackpot is the second largest in Georgia Lottery history. The largest was the $656 million Mega Millions jackpot in March, according to the Georgia Lottery.

The previous record Powerball jackpot was $365 million on Feb. 18, 2006.

Powerball has two payment options: the $550 million jackpot prize paid over 29 years in 30 payments or the lump sum cash option that is estimated at $360 million.

Powerball tickets are $2. The drawing takes place at 11 p.m. Wednesday.

The overall odds of winning the jackpot are approximately 1 to 175 million, according to the Georgia Lottery.

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