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Mega Millions ticket price goes up to $5, but bigger jackpots expected
Mega Millions ticket price goes up to $5, but bigger jackpots expected

Yahoo

time05-04-2025

  • Business
  • Yahoo

Mega Millions ticket price goes up to $5, but bigger jackpots expected

April 5 (UPI) -- Those wanting to play Mega Millions now have to pay more for a ticket -- a ticket for the next drawing in the multi-state lottery will cost $5, more than double it's long-time cost. Following Friday's Mega Millions drawing, the cost of a ticket increased to $5, from $2, for the next drawing, on Tuesday live from Atlanta. The estimated jackpot is $54 million. The lottery can be played in 45 states, as well as the District of Columbia and Virgin Islands. A ticket for the game cost $1 when it debuted in 2002, with the cost doubling to $2 in 2017. Lottery official said that the higher ticket price will result in larger starting jackpots and faster-growing prizes. The average jackpot by picking all six numbers will be more than $800 million, much higher than the current $450 million average. "While some customers may initially be surprised, we believe they'll come to recognize the added benefits that this price increase enables," Akshay Khanna, CEO of which sells Mega Millions tickets in seven states, told CNN. "This vastly differs from something like a subway fare hike where you're paying more for the same ride. With this Mega Millions price increase, players are receiving improved odds alongside larger and faster-growing jackpots," she said. The overall odds of winning the entire Mega Millions jackpot will rise from 1 in 302.6 million to 1 in 290.5 million. In addition, there no longer will be a Megaplier, which for $1 increases non-jackpot payouts and is only available in some states. Just the Jackpot, a $3 ticket that gives a player two plays to win the overall jackpot, but not the lower-payout prizes, has also been eliminated, as have "breakeven prizes," which means every prize will be more than $5. The winner can choose to receive the prize in payments over 29 years or to take a lump-sum payment. Mega Millions' roots started on Aug. 31, 1993, as the Big Game with six states participating -- Georgia, Illinois, Maryland, Massachusetts, Michigan and Virginia -- until May 1999, when New Jersey joined. The Mega Millions game debuted in 2002, and New York and Ohio joined the game. The first Mega Millions drawing on May 17 had a $28 million prize, and the largest prize that year was $93 million. Other states then joined, including California in June 2005. In January 2010, Mega Millions expanded throughout the nation with 23 more states. Since the game began, there have been 220 jackpots won by 247 individual tickets with 22 shared by two or more winning tickets. The largest Mega Millions jackpot won on a single ticket had a $1.602 billion prize to a limited liability company in Florida on Oct. 23, 2018. The rival game Powerball's ticket price remains at $2, which is played in 45 states plus District of Columbia, Puerto Rico and U.S. Virgin Islands. The game takes place three times a week -- Monday, Wednesday and Saturday from Tallahassee, Fla.

Mega Millions is changing everything about itself. Here's what to know
Mega Millions is changing everything about itself. Here's what to know

Yahoo

time05-04-2025

  • Business
  • Yahoo

Mega Millions is changing everything about itself. Here's what to know

Mega Millions is getting a makeover — including more than doubling the price of a ticket — as the multi-state lottery game aims to improve players' odds and dish out bigger jackpots. The lottery, which is available to play in 45 states plus Washington, DC, and the US Virgin Islands, announced last year that changes were coming in April. Since the lottery launched in 2002, seven winners have won billion-plus jackpots — most recently in December, when a California resident won a $1.26 billion prize (or about $550 million in cash). But 'beyond big jackpots, players told us they want bigger non-jackpot prizes and that's exactly what this new game delivers,' said Joshua Johnston, lead director of the Mega Millions Consortium, in a press release. Now the big game, with drawings every Tuesday and Friday at 11 pm ET, is getting some major changes. Arguably the biggest change is the price of a ticket, which now costs $5 — a large jump from $2. This is only the second price increase in the game's 23 years, following 2017 when the price doubled to $2 from $1. Although it's a steep increase, Mega Millions said that the higher ticket price will result in larger starting jackpots and faster-growing prizes. The lottery expects the average jackpot will be more than $800 million, much higher than the current $450 million average. For the lower-payout winners, there will no longer be 'breakeven prizes' — meaning that every winning ticket will be more than the cost of a $5 ticket. That means players who would have won just $2 previously can now win between $10 to $50 under the revised format. Also, people who would have won $500 in the old game can now win significantly more money in the new version, ranging between $1,000 to $5,000. Despite the hefty price increase, Akshay Khanna, CEO of which sells Mega Millions tickets in seven states, told CNN that the lottery game's customers often spend more than $5 when buying tickets. 'While some customers may initially be surprised, we believe they'll come to recognize the added benefits that this price increase enables,' said Khanna. 'This vastly differs from something like a subway fare hike where you're paying more for the same ride,' he added. 'With this Mega Millions price increase, players are receiving improved odds alongside larger and faster-growing jackpots.' It's not just ticket prices getting an overhaul. Mega Millions is tweaking the game itself. The game is removing one gold 'Mega Ball' from the draw, which slightly improves the odds to win any prize from a 1 in 24 chance to 1 in 23. The overall odds of winning the entire Mega Millions jackpot also increases from 1 in 302.6 million, to 1 in 290.5 million. But the lottery is also eliminating some add-ons. That includes the 'Megaplier,' a $1 add-on that increases non-jackpot payouts and is only available in some states. Also eliminated is 'Just the Jackpot,' a $3 ticket that gives a player gets two plays to win the overall jackpot but not the lower-payout prizes. All of these modifications will be a net positive for the game, Khanna predicts. 'The larger starting jackpots should attract more players,' he said, 'ultimately increasing the prize amount at a faster rate to keep them engaged.'

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