Mega Millions tickets will rise to $5, but officials are promising bigger prizes and better chances of winning

DES MOINES, Iowa (AP) — The cost of buying a Mega Millions jackpot dream will soon more than double, but lottery officials said they are confident players won’t mind paying more after the Changes would lead to bigger prizes and more frequent winners.

Lottery officials announced Monday that playing Mega Millions will cost $5 per ticket starting in April, up from the current $2 per ticket. The prize increase will be one of many changes to Mega Millions that officials say will result in improved jackpot odds, more frequent giant prizes and even bigger payouts.

“Spending five dollars to become a millionaire or a billionaire, that’s pretty good,” said Joshua Johnston, director of the Washington Lottery and executive director of the group that oversees Mega Millions.

Mega Millions and its lottery companion Powerball are sold in 45 states as well as Washington, DC and the U.S. Virgin Islands. Powerball is also sold in Puerto Rico.

Powerball officials said they had no plans to change the odds for that game or the $2 price of most tickets.

Mega Millions’ hope is that by increasing ticket revenue and rebalancing the odds – which are currently 1 in 302.6 million – to something less stratospheric, more people will win jackpots, even if the prizes rise extraordinarily high, which is more attracts players. The aim is to increase revenue and provide more money to state lotteries, which in turn spend it on various government services.

Mega Millions changes are being introduced at a time when fewer people are buying tickets and jackpots need to reach ever higher amounts before sporadic players take notice and decide to buy a ticket or two. While a $500 million jackpot once stunned convenience store doors, today top prizes of $1 billion often elicit a more heated reaction.

These much-touted jackpot numbers could also take a hit if interest rates fall. On posters or other advertising space, state lotteries emphasize the annual payout of jackpots, which are paid out from an investment fund over decades. Because interest rates have been high, pension jackpots have more than doubled the cash prizes that winners almost always choose.

With the expectation that interest rates will fall, pension jackpot numbers will fall, making the advertised jackpot not seem quite as huge.

Johnston said expected declines in interest rates were not a factor in the upcoming changes.

The biggest motivation was to differentiate Mega Millions from Powerball and attract customers who might now forego both games, Johnston said.

More than doubling the ticket price is a big step, but Johnston said research shows people feel comfortable spending at least $5 when purchasing scratch-off tickets or chances to win drawing games like Mega Millions. It’s the second price increase since the game’s launch in 2002.

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“You pay $5 for your Starbucks,” Johnston noted.

Lottery officials will provide more details about the changes in the coming months, he said.