Significant changes are on the way for the Mega Millions lottery draw, including more billion-dollar jackpots.
Starting April 8, ticket prices will rise from the current $2 stake to $5, but that will create a vastly improved prize pot.
Experts have said the change will create jackpots much faster, with the base rising from $20 to $50 million.
Mega Millions tickets are sold across 45 states, as well as Washington D.C. and the U.S. Virgin Islands.
“You’re going to see a lot more billion-dollar jackpots,” exclaimed Mike Silveira, Jackpot.com boss, in conversation with FOX Business.
In the lottery game, players pick five different regular numbers from one to 70 (white), plus an additional gold Mega Ball, numbered one to 25.
There is an optional Megaplier feature to boost non-jackpot prizes by 2, 3, 4, or 5 times, which costs a further $1 per play.
As part of the changes, Megaplier will be included in the $5 ticket price, and the win can be boosted 10 times.
At present, all players who opt in share the same multiplier, so if it is a 2X draw, all winning bettors would have their funds multiplied by two. Under the new arrangements, Megaplier will be different for each ticket, meaning a player could buy two tickets, one with a 5x multiplier and another with a 10x.
Silveira detailed that the improved odds of winning big and greater jackpot amounts are hoped to draw a wider pool of players, including a younger demographic.
Many more millionaires as the jackpots climb
“We expect more billion-dollar jackpots than ever before, meaning creating more billionaires and many more millionaires as the jackpots climb, plus this game will continue the important legacy of supporting great causes everywhere Mega Millions is played,” added Joshua Johnston, lead director of the Mega Millions Consortium.
Since its launch in 2002, Mega Millions has produced six billion-dollar bonanza winners, with more than 1,200 millionaires created since the last format change, eight years ago.
It is not impossible to win, but the odds remain very slim.
The current chances of landing the lucky ticket with the Mega Millions jackpot is around 1 in 302 million, which will increase to 1 in 290.
By comparison, the Powerball draw odds are around 1 in 292 million.
This particular American Dream endures, with Americans spending a whopping $97.8 billion on Mega Millions tickets in 2022.
The biggest ever Mega Millions jackpot was $1.6 billion, won in August 2023 by a lucky single winning ticket holder in Florida.
Image credit: Hoosier Lottery
