With the Powerball jackpot reaching a record-breaking $500 million, Bay State residents have been rushing out to stores and buying up tickets for a chance to hit the big bucks this week.

According to the State House News Service, the multi-state Powerball drawing jumped to $500 million Tuesday as sales climbed across the country.

In Massachusetts, lottery officials said the state had sold $1 million worth of Powerball tickets by mid-afternoon Tuesday, following $2 million in sales on Monday and $1.5 million on Sunday.

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And while the odds of actually winning the bundle of money is roughly 1 in 175 million, it hasn’t stopped residents from daydreaming about what they would spend all of that cash on.

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Officials told the State House New Service that sales of tickets have been “flying” in the last few days, and that on Tuesday, tickets were being bought at a rate of $3,700-per-minute.

The Powerball drawing this week is the largest in the game’s 20-year history, bypassing the previous record holder of $365 million, which was won by a Nebraska resident in 2006.

The current jackpot has been growing over the last few month after a winner was picked from Delaware back in October, earning them $50 million.

According to the State House News Service, Massachusetts Lottery agents have sold more than $20 million in tickets since the last win, giving the state $9 million in net profit that is sent back to cities and towns in local aid.

During the commission’s meeting, Treasurer Steven Grossman, who oversees the Lottery, said there are people buying tickets this week who rarely buy lottery tickets. Grossman said he expects sales of other tickets to jump with players picking up other lottery games when they purchase their Powerball tickets.

Powerball was introduced in Massachusetts in January 2010. On June 8, 2011 a $26.5 million winning Powerball ticket was sold in Fall River.

What would you spend the money on if you won?