Record Powerball jackpot increased to $550M for Wednesday's draw - Cincinnati News, Weather, Sports from FOX19 NOW-WXIX

Record Powerball jackpot increases to $550M

CINCINNATI, OH (FOX19) -

The recording breaking Powerball amount has reached a new high.

On Wednesday afternoon, the jackpot was increased to $550 million. That's up from $500 million on Tuesday.

The price of a ticket doubled in January to $2 as part of a plan to build jackpots faster, drive sales and generate more money for states that play the game.

The cash option is estimated to be $360 million. 

No one won Saturday's drawing, increasing the jackpot to $425 million on Monday.

The previous record was $350 million.

Copyright 2012 The Associated Press. All rights reserved. FOX19 contributed to this story.

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