The jackpot for Wednesday's Powerball drawing currently stands at $500 million - the biggest Powerball Jackpot ever! After Saturday's drawing resulted in no winners, it was reported that the Wednesday's Powerball pot would rise to an estimated $425. It has eclipsed that mark, and continues to grow!

Previously, the biggest Powerball jackpot on record was $365 million back in 2006 - won by eight co-workers from Lincoln, Nebraska. Back in January, the price of a Powerball ticket jumped from $1 to $2, and lottery officials thought this would equal bigger and faster-growing jackpots.

It looks like they were right. The odds of winning Wednesday's Powerball drawing are one in 175 million. Scientists say that you are three times more likely to die from a falling coconut than winning the Powerball lottery, but like the old saying goes: You gotta play to win.

UPDATE: As of 12:28p on 11/28/12 the jackpot is now at $550 million!

Are you buying a ticket? What would you do if you won $550 million?