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Powerball jackpot hits $422 million, 8th largest ever

By Jackie Wattles

NEW YORK (CNNMoney) - There's another record-breaking jackpot up for grabs.

The current Powerball jackpot has swelled to $422 million. That's the eighth largest Powerball prize of all time, and it's number 11 on the list of biggest lottery prizes in history.

The current jackpot has been growing since May 11, with 22 consecutive drawings that have failed to produce a grand prize winner. The next drawing is Wednesday at 11 pm ET.

This is the third Powerball jackpot to crack the list of the 10 largest U.S. lottery prizes of all time in 2016 alone. That includes a $1.6 billion grand prize that was claimed in January, which was the biggest ever in U.S. history.

There are more big pots these days because the Powerball rules changed in October 2015, making it harder to win the grand prize. That means the winnings pile up.

The current odds of matching all six Powerball numbers to win the grand prize are about 1 in 292 million. Before the rules changed in 2015, the odds were 175 million to 1.

This jackpot will only be $422 million if the winner opts to take 29 annual payments -- but virtually no grand prize winners choose to do so. As a one-time cash payout it's worth $292 million, less taxes.

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