The estimated jackpot for Wednesday night's Powerball drawing has hit $500 million, making it the sixth largest lottery prize ever in the U.S.
If a winning ticket is sold, the winner could select $306 million in cash, before taxes are deducted, or the full jackpot in an annuity paid out over 29 years.
The jackpot value was boosted from $450 million earlier in the day due to strong ticket sales, according to Powerball's press release. However, it still has room to reach the record $656 million jackpot in a Mega Millions drawing in March 2012. The largest Powerball prize was a $590.5 million jackpot won by a Florida woman in May 2013.
The odds of landing this jackpot? One in 292.2 million.
The drawing is at 10:59 p.m. ET Wednesday.
Powerball is played 44 states as well as the Washington, D.C., the U.S. Virgin Islands and Puerto Rico.
— The Associated Press contributed to this report.