US Powerball jackpot hits $550 million THE US Powerball jackpot has jumped to $US550 million ($556 million), a major climb less than a day after the latest drawing produced no winning ticket. The announcement 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 $US260 million to reach the all-time Powerball jackpot record of $US587.5 million. The latest jackpot has climbed nearly $US200 million since Wednesday's drawing, which was an estimated $US360 million. The new jackpot has an option to take an upfront payment of $US350.1 million. The next drawing is scheduled for Saturday.