Tags: powerball | jackpot | swells | 360m

Powerball Jackpot Swells to $360M, Its 3rd Largest Payoff Ever

By Newsmax Wires   |   Wednesday, 15 May 2013 09:47 AM

The Powerball jackpot has ballooned to $360 million in a matter of weeks, making it the third largest Powerball jackpot and the seventh largest jackpot of all time, according to the Associated Press.

The drawing is scheduled for Wednesday night and has a $229.2 million cash value.

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Lottery officials say the "cross-selling" of Powerball jackpot and Mega Millions tickets, as well as a game redesign in 2012, boosted jackpots and increased the odds of winning some kind of prize.

Iowa Lottery spokeswoman Mary Neubauer says large jackpots are "the new normal," and she expects them to keep surpassing all-time jackpot records set years ago.

The last major win came when a New Jersey man won a $338.3 million jackpot on March 23. It was considered the fourth largest Powerball jackpot in history.

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