The Mega Millions lottery more than doubles the ticket price to $5

new York
CNN
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The cost of a Mega Millions lottery ticket more than doubles, but the multi-state lottery game promises that the higher prize comes with better odds of winning.

Starting in April 2025, the ticket price will increase from $2 to $5. The prize will trigger a “new and improved game” that includes improved odds of winning and larger prizes, lottery officials announced Monday.

It's the second time the price of a ticket has increased in Mega Millions' 22-year history: In 2017, the price rose from $1 to $2 – the same cost as a Powerball ticket. At this point, Mega Millions also adopted its current format, where six total numbers are selected from two different pools – and if all the numbers match, including the golden Mega Ball, the player wins the jackpot.

Since these changes, the jackpot has exceeded the billion-dollar mark six times, most recently in 2023 when a record-breaking ticket worth $1.6 billion was won in Florida. What's notable is that of the lottery's ten biggest jackpots of all time, three were achieved this year.

Mega Millions said the increased ticket price will result in both larger initial jackpots and faster-growing jackpots. There will also be no “breakeven pricing,” meaning each ticket won will cost more than a $5 ticket.

Further details about the optimized game will be released in the coming months.

“We expect more billion-dollar jackpots than ever before, which means that as jackpots increase, more billionaires and many more millionaires will be created. Additionally, this game will continue the important legacy of supporting great causes wherever Mega Millions is played,” said Joshua Johnston, Principal Director of the Mega Millions Consortium, in a press release.

Mega Millions can be played in 45 states as well as Washington, DC and the U.S. Virgin Islands. Drawings take place on Tuesday and Friday evenings at 11:00 p.m. ET.