Powerball jackpot rises to $500 million

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Wednesday's Powerball jackpot drawing will be the largest in its history, said AnneClaire Stapleton of CNNMoney.com.

The prize for Saturday's drawing was $325 million, the fourth-largest in history, but no one claimed the jackpot, Stapleton said.

News of the increased pot released on the company's page likely fueled buyers into a frenzy, said Michael Muskal of the Los Angeles Times.

Tickets can be purchased in any of the 42 participating states, Washington D.C. and the Virgin Islands, Muskal said.

Wednesday's jackpot is the second-biggest ever, said Gary Strauss of USA Today. A $656 million Mega Millions jackpot was won by three ticketholders in March.

Despite the frenzy, the odds of winning the jackpot are a mere 1 in 175 million, Strauss said.

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