Mega Millions Increases Ticket Price to $5, Promises Bigger Jackpots

New York, NY — The Mega Millions lottery is undergoing significant changes, including an increase in ticket prices, in a bid to boost player engagement and enhance prize offerings. Starting this April, the ticket price will rise from $2 to $5 as the multi-state lottery aims to improve player odds and deliver larger jackpots.

Since its inception in 2002, Mega Millions has seen seven winners claim prizes exceeding $1 billion, with the latest jackpot awarded in December 2024 to a California resident who chose a lump sum of around $550 million. “Players have expressed a desire for not just larger jackpots, but also for bigger non-jackpot prizes, and our new game format addresses that need,” stated Joshua Johnston, lead director of the Mega Millions Consortium, in a recent press release.

The game has retained its twice-weekly drawing schedule on Tuesdays and Fridays at 11 p.m. ET, but this ticket price adjustment marks only the second increase in its 23-year history. In 2017, the ticket price doubled to the current amount, which had led to notable growth in jackpots.

Despite the steep increase, the Mega Millions team asserts that the new pricing structure will yield larger starting jackpots and faster-growing prizes, with the average jackpot expected to surpass $800 million, compared to the current average of $450 million.

The revised game format will eliminate the “breakeven prizes,” ensuring that every winning ticket offers payouts greater than the $5 cost. Winners who previously received a $2 payout under the old game can now claim between $10 and $50, while those winning $500 under the old rules can now expect between $1,000 and $5,000.

Akshay Khanna, CEO of Jackpot.com, which offers Mega Millions tickets across seven states, remarked that many players often spend more than $5 when purchasing their tickets. “While some customers may initially be surprised by the price hike, we believe they will quickly appreciate the enhanced benefits that accompany this increase,” Khanna explained. He contrasted this situation with public transportation fare hikes, emphasizing that the Mega Millions increase comes with improved odds and larger jackpots.

In addition to ticket price adjustments, Mega Millions is modifying the game mechanics. The draw will now feature one less gold “Mega Ball,” improving the odds of winning any prize from 1 in 24 to 1 in 23. The odds of winning the Mega Millions jackpot will improve from 1 in 302.6 million to 1 in 290.5 million.

However, some additional features of the game are being eliminated. The “Megaplier,” a $1 add-on option that enhanced non-jackpot wins in select states, is being removed, along with “Just the Jackpot,” a $3 ticket that enabled players to have two chances at the jackpot without competing for lower-tier prizes.

Khanna is optimistic about the upcoming changes, predicting that larger starting jackpots will attract more players, sustaining increased engagement in the game. “These modifications should contribute positively to the game’s appeal, ultimately leading to larger prizes at a quicker rate,” he stated.