Powerball Jackpot Quickly Jumps to $550 Million

DES MOINES, Iowa (AP) - The Powerball jackpot has jumped to $550 million, a major climb less than a day after the latest drawing produced no winning ticket.

The announcement Thursday by the Multi-State Lottery Association means ticket sales have soared as the frenzy grows for a chance to win the big prize.

Mary Neubauer, spokeswoman for the Iowa Lottery, says the latest jackpot number has the potential to break the record for largest jump between drawings. That still belongs to a Powerball jackpot in November 2012, when the jackpot jumped $260 million to reach the all-time Powerball jackpot record of $587.5 million.

The latest jackpot has climbed nearly $200 million since Wednesday's drawing, which was an estimated $360 million.

The new jackpot has a $350.1 million cash option. The next drawing is scheduled for Saturday.