The dream of winning the Mega Millions jackpot will cost more than double starting in April 2025, but lottery officials are confident that players will not complain about paying more, thanks to changes that will offer larger prizes and more frequent winners.
Lotto officials announced on Monday that the price of Mega Millions tickets will increase from $2 to $5, with the aim of improving the odds of winning the jackpot, increasing extraordinary prizes, and achieving even higher payouts, the AP agency reported.
"Spending 5 dollars to become a millionaire or billionaire is quite reasonable," said Joshua Johnston, director of the Washington Lottery and leader of the group that oversees Mega Millions.
The goal of Mega Millions is to increase ticket sales revenue and adjust the current odds, which are 1 in 302.6 million, to make them less extreme, the executives noted.
With this, it is expected that more people will win major prizes, which would attract more players, they noted.
They said this would also increase the revenues of state lotteries, which fund various government services.
The changes to Mega Millions come at a time when fewer people are buying tickets, and the prizes need to be even higher to capture the attention of casual players.
The $500 million prizes, which used to generate long queues, now only manage to generate interest when they reach $1 billion.
However, the announced figures for these prizes could also decrease due to the drop in interest rates, as the prizes in annuities, paid out over several decades, are linked to the performance of an investment fund.
Despite this, Johnston clarified that the possible decrease in interest rates did not influence the upcoming changes.
The main reason for increasing ticket prices is to differentiate Mega Millions from Powerball and attract more players, he emphasized.
Johnston pointed out that research shows consumers are comfortable spending $5 on gambling, such as scratch-off tickets or raffle games.
This is the second time the price has increased since the game's creation in 2002.
"You pay 5 dollars for your coffee at Starbucks," highlighted Johnston, who stated that in the coming months there will be more details about the changes in Mega Millions.
Mega Millions, along with Powerball, is sold in 45 states across the country, as well as in Washington, D.C., and the U.S. Virgin Islands.
On its part, Powerball indicated that it has no plans to change the price of its tickets, which will remain at $2.
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