CHARLOTTE, N.C. (CBS Charlotte) — The Powerball lottery game is a favorite amongst many Charlotte residents — many of whom purchase Powerball tickets every Wednesday and Saturday evening.

The minimum advertised jackpot is $40 million, and can potentially pay up to nine-figure prizes. The prize up for grabs in tonight’s drawing is at least $550 million, the largest payout in Powerball history.

According to North Carolina Lottery officials, the chances of winning the big jackpot are 1 in 175 million. The official cutoff time for ticket sales is 10 pm tonight.