Powerball jackpot rumps to $550 million as ticket sales increase

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Powerball jackpot rose to $550 million Wednesday, tempting many people to purchase a ticket for the second-largest payout in U.S. history, news sources report.

The chance of winning a Powerball jackpot is 1 in 175,223,510 and yet tickets were selling at a rate of 130,000 a minute nationwide and continue to grow. The increase in tickets sales means the jackpot could climb even higher before the Wednesday night drawing, said Chuck Strutt, executive director of the Multi-State Lottery Association, CNN reports.

The jackpot hasn't had a winner the last 16 consecutive times but Powerball officials say they believe there is a 75 percent chance the winning combination will be drawn this in this round, FOX news reports.

According to some experts, if one ticket hits the right numbers then chances are good that multiple ones will be, FOX News reports.

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