No Winner! Powerball Jackpot Soars to Third-Highest Ever

$475 million at stake in Saturday's drawing

By Nate Wooley, InvestorPlace Writer

Powerball-112512LThe Powerball lottery jackpot is now at its second-highest level ever.

The jackpot — which now sits at $475 million — is the third-highest for any U.S. lottery ever, the Associated Press reports.

It’s the third time in a year that a lottery jackpot has grown to this level. In 2012, a Mega Millions jackpot hit $656 million and a Powerball jackpot reached $587.5 million. The redesign of the game — along with a doubling of the cost per ticket — in January 2012 meant that jackpots would grow faster and be won more often.

“It usually took a handful of months, if not several months, for a jackpot to reach this large amount. Now it’s achieving that within a handful of weeks. I think the redesign is achieving exactly what we had wanted it to achieve, which is the bigger, faster-growing jackpot,” said an official with the Iowa Lottery.

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