Powerball Jackpot $600 Million: A Powerball Record And Second-Largest Prize Ever

The Powerball Jackpot $600 million: This is now the richest prize in Powerball history and it continues to grow as nobody claimed the winning lottery ticket after Wednesday night.

Lottery officials said the prize is growing quickly Friday because so many people have been purchasing the $2 tickets on its website. The jackpot has grown by an estimated $236 million since the last drawing on Wednesday, now making the Powerball Jackpot $600 million.

This is also now the world's second-largest prize in dollars, according to CBS News.  Odds of winning the Powerball jackpot are about 1 in 175 million. That number grows because more tickets have been purchased than ever before.

"Powerball is a combined large jackpot game and a cash game. Every Wednesday and Saturday night at 10:59 p.m. Eastern Time, we draw five white balls out of a drum with 59 balls and one red ball out of a drum with 35 red balls. Draw sales cut off at least 59 minutes before the draw," a statement on the Powerball website reads.

Here is how it all works:

"Players win by matching one of the nine ways to win. The jackpot (won by matching all five white balls in any order and the red Powerball) is either an annuitized prize paid out over 29 years (30 payments) or a lump sum payment (one payment). Each ticket costs $2. If the winner chooses the annuity, the annual payment will be increased each year by the percentage set out in the Powerball game rules," according to the Powerball website.

There is also a second prize, according to the site. "It is won by matching five white balls in any order) is $1,000,000 paid in cash and any time you match the red Powerball, you win. The overall odds of winning a prize in the game are approximately 1 in 32."