Mega Millions will cost more, pay bigger prizes starting April 8. What you need to know
A Mega Millions ticket will soon cost you $5.
First announced last October, the Mega Millions is revamping its lottery game beginning with the April 8 drawing.
For the price increase, the lottery is promising bigger prizes and better odds. The Mega Millions predicts that jackpots will now "grow faster."
'We constantly hear that our Lottery players want not only bigger jackpots, but bigger secondary prizes, and that's just what they will see,' New Jersey Lottery Executive Director James Carey said in a statement. 'With the built-in multiplier, secondary prizes will be anywhere from double to 10 times what they were.'
Here's a look at the changes that Mega Millions announced Tuesday on its website:
Ticket prices will increase from $2 to $5 for April 8 drawing.
A multiplier will be included with every ticket (it is an extra $1 now). A 2X, 3X, 4X, 5X or 10X multiplier will be randomly assigned to your ticket at the time of purchase.
Matching the five white balls will now pay between $2 million and $10 million with the built-in multiplier.
The minimum prize you can win will be $10 and a maximum of $10 million for non-jackpot prizes.
Once a jackpot is won, the Mega Millions will start at $50 million instead of $20 million.
The number of Mega Balls is changing from 25 to 24, meaning the odds of winning will be better − changing from 1-in-302,575,350 to 1-in-290,472,336.
The odds for winning any prize will also improve to 1-in-23 from 1-in-24.
Jackpot: remains the same.
Five white balls: increases from $1 million to minimum of $2 million and maximum of $10 million.
Four white balls plus Mega Ball: increases from $10,000 to minimum of $20,000 and maximum of $100,000.
Four white balls: increases from $500 to minmum of $1,000 and maximum of $5,000.
Three white balls plus Mega Ball: increases from $200 to minimum of $400 and maximum of $2,000.
Three white balls: increases from $10 to minimum of $20 and maximum of $100.
Two white balls plus Mega Ball: increases from $10 to minimum of $20 and maximum of $100.
One white ball plus Mega Ball: increases from $4 to minimum of $14 and maximum of $70.
Mega Ball: increase from $2 to minimum of $10 and maximum of $50.
Changing a popular game like the Mega Millions could be risky − especially when the ticket price jumps 2.5 times higher. However, lottery insiders don't think the heftier price will keep players away.
Akshay Khanna, CEO of Jackpot.com, told NorthJersey.com last fall that players typically spend more than $5 per lottery transaction.
'While some people may initially be surprised by the price increase, I believe they'll come to recognize the added benefits," Khanna said. "This isn't like a subway fare hike where you're paying more for the same ride. With the increase, players are getting better odds and the chance for bigger payouts."
This is only the second time the Mega Millions has changed in its 20-year history. The last revamp came in 2017.
This article originally appeared on NorthJersey.com: Mega Millions will cost more, pay bigger prizes starting April 8
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