DES MOINES, Iowa (AP) — Starting in April, the price to play Mega Millions will rise from $2 to $5 per ticket. Lottery officials believe that this increase will be well-received by players, as it comes alongside changes aimed at creating larger jackpots and more frequent winners.
Joshua Johnston, director of the Washington Lottery and the leading overseer of Mega Millions, commented, “For just five dollars, you have the chance to become a millionaire or even a billionaire, which is a pretty good deal.” This price adjustment is part of a series of modifications to Mega Millions that are expected to enhance jackpot odds and yield more sizable prizes.
Despite the ticket price hike, Powerball will maintain its current $2 ticket price and will not be altering its game odds. This announcement comes at a time when interest in lottery games has dipped. Players have become more selective, requiring jackpots to reach staggering amounts, like $1 billion, to grab their attention, whereas a $500 million prize used to create long lines at convenience stores.
Mega Millions and Powerball are both available in 45 states, along with Washington, D.C., and the U.S. Virgin Islands; the Powerball lottery is also available in Puerto Rico. In light of dwindling ticket sales, Johnston mentioned that the aim of the new changes is to set Mega Millions apart from Powerball and to entice more lottery enthusiasts who might overlook both games.
It’s important to highlight that, as interest rates are expected to decrease, the annuity payouts for Mega Millions jackpots, which are advertised prominently, may not seem as impressive as they once did. These jackpots are distributed over many years from an investment fund. When interest rates were higher, the annuity amounts could considerably overshadow the cash options that winners typically take. Johnston clarified that the anticipated drop in interest rates was not a driving force behind the upcoming changes.
With this second ticket price increase since the game’s inception in 2002, lottery officials have conducted research indicating that players are comfortable spending around $5 on lottery games, akin to what they might pay for premium coffee or other entertainment options. Johnston remarked, “You pay 5 bucks for your Starbucks.”
Lottery officials plan to share more details regarding these changes over the next few months, ensuring players stay informed about the new and exciting opportunities in the Mega Millions game.
