Mega Millions tickets will climb to $5, but officials promise bigger prizes and better odds

DES MOINES, Iowa (AP) — The price of shopping for a Mega Tens of millions jackpot dream will quickly greater than double, however lottery officers stated they’re assured gamers gained’t thoughts paying extra after adjustments that may result in bigger prizes and extra frequent winners.

Lottery officers introduced Monday that it’ll price $5 to play Mega Tens of millions, starting in April, up from the present $2 per ticket. The worth enhance might be considered one of many adjustments to Mega Tens of millions that officers stated will lead to improved jackpot odds, extra frequent large prizes and even bigger payouts.

“Spending 5 bucks to turn into a millionaire or billionaire, that’s fairly good,” stated Joshua Johnston, director of the Washington Lottery and lead director of the group that oversees Mega Tens of millions.

Mega Tens of millions and its lottery compatriot Powerball are bought in 45 states, in addition to Washington, D.C., and the U.S. Virgin Islands. Powerball is also bought in Puerto Rico.

Powerball officers stated they don’t have any plans to alter that sport’s odds or the $2 worth for many tickets.

Mega Tens of millions will introduce adjustments at a time when fewer individuals are shopping for tickets and jackpots want to achieve ever-higher figures earlier than sporadic gamers discover and choose to purchase a ticket or two. Whereas a $500 million jackpot as soon as prompted traces out comfort retailer doorways, prime prizes of $1 billion now typically draw extra of a ho-hum response.

These much-hyped jackpot numbers additionally may take successful as rates of interest fall. That’s as a result of on billboards or different ads, state lotteries emphasize the annuity payout for jackpots, distributed over a long time from an funding fund. As rates of interest have been excessive, the annuity jackpots have greater than doubled the money prizes that winners almost at all times select.

With an expectation that rates of interest will drop, these annuity jackpot figures will decline, so the marketed jackpot gained’t appear fairly so large.

Johnston stated anticipated declines in rates of interest weren’t an element within the upcoming adjustments.

The most important motivation was to distinguish Mega Tens of millions from Powerball and appeal to prospects who would possibly now go on each video games, Johnston stated.

Greater than doubling the ticket worth is an enormous transfer, however Johnston stated analysis exhibits folks really feel comfy spending at the very least $5 once they purchase scratch tickets or possibilities on the draw video games, like Mega Tens of millions. It’s the second worth enhance for the reason that sport was created in 2002.

“You pay 5 bucks in your Starbucks,” Johnston famous.

Lottery officers will announce extra specifics in regards to the adjustments within the coming months, he stated.