Posted: Nov 27, 2012 11:00 AM
Source: Associated Press
DES MOINES, Iowa - The historic $425 million Powerball jackpot was all part of a plan lottery officials put in place early this year to build jackpots faster, drive sales and generate more 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.