Powerball jackpot raised to $550M

The jackpot for Wednesday night's Powerball drawing has increased to $550 million.

When no one picked the winning numbers last Saturday, the jackpot increased to $425 million, then $500 million and is now $550 million because of the increase in ticket sales.

The winning ticket will be worth an estimated $360.2 million in cash.

If there is no jackpot winner tonight, the estimate for Saturday's Powerball jackpot is $900 million, according to lottery officials.

There have been 15 Powerball drawings without a jackpot winner.

Powerball drawings are held every Wednesday and Saturday at 8:59 p.m. MST. Tickets must be purchased by 7:30 p.m. Tickets are $2.

The highest jackpot in U.S. history was a $656 Mega Millions jackpot in March.