Updated at 1:35 p.m. ET: Someone could win $550 million in Wednesday night's Powerball drawing, the largest in the game's history.

The jackpot jumped up from half a billion dollars on Wednesday, according to the Powerball website. The new jackpot would carry a cash value of $360.2 million before taxes.

Lottery officials say they now believe there is a 75 percent chance the winning numbers will be drawn Wednesday night, The Associated Press reported. Powerball is played across 42 states, plus Washington, D.C., and the Virgin Islands.

As big as this week's Powerball jackpot is, it's not the largest lottery prize ever. That mark is held by the $656 million Mega Millions jackpot that was split by three ticket buyers earlier this year. The previous biggest Powerball prize was $365 million in 2006, shared by several ConAgra Foods workers in Lincoln, Neb.

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