Powerball soars to record $425 million


The jackpot for Wednesday's Powerball drawing has bounced to a record $425 million, with a cash payout of $278 million after taxes.

That jackpot is expected to go higher than $425 million because ticket sales usually leap on the day of big drawings, WCCO reports.

Sure, that's a lot of money. But it's a tiny fraction of what the real Powerball winners are collecting – the states, including Minnesota, the Los Angeles Times reports.

In the 2011-2012 fiscal year, state lottery commissions – 33 of which run Powerball – saw a historic year of revenue from ticket sales, the Times reports. State lotteries report making $60.8 billion in the last fiscal year, according to the North American Association of State and Provincial Lotteries.

Tickets are $2 each. Odds of winning are about 1 in 175 million.

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