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Powerball Jackpot Increases To $310 Million

02/09/2012 02:22 pm ET

The multi-state Powerball lottery jackpot increased to $310 million Thursday after no player matched all six numbers in Wednesday's drawing, which had an estimated prize value of $250 million. The next scheduled drawing will be held at 10:59 p.m., EST on Saturday, Feb. 11.

The $310 million jackpot is particularly notable as it is just shy of the all time largest Powerball jackpot of $364 million. Eight winners split that jackpot on Feb. 18, 2006, according to CBS News.

Though no one took home the full jackpot, Wednesday's drawing did yield five $1 million winners, with players in New Jersey, North Carolina Georgia, Missouri and Nebraska all picking five of six numbers, the Philadelphia Inquirer reported.

Additionally, 1,434,968 players across the country won smaller prizes totaling $14,462,336 in Wednesday's drawing, according to the Powerball website.

Once someone does win the Powerball jackpot, they can elect to receive their payout over 30 years, or in a smaller lump sum. The current $310 million drawing would amount to an estimated $193.4 million lump sum payout.

According to Newsday, the massive jackpot can be credited in part to an increase in the single game ticket price, from $1 to $2, on Jan 15 of this year. No one has hit the jackpot since the price was increased.

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