Record Powerball jackpot boosted to $500M

DES MOINES, Iowa - The record Powerball jackpot is now even bigger.

Powerball officials say they've boosted the jackpot for Wednesday's drawing to $500 million from the previously posted $425 million. Huge ticket sales nationally are pushing the payout higher.

A single winner choosing the cash payout will take home $327 million before taxes.

Record jackpots encourage players who usually sit on the sidelines to play and group purchases from work pools increase.

In 2006, Powerball handed out its largest prize to date -- $365 million -- to eight co-workers at a Nebraska meat-packing plant.

The prize still has a ways to go to match the U.S. record payout of $656 million, set in March by a Mega Millions jackpot that was split between three winners.

Powerball tickets are $2 each.

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