Mega Millions, one of the two major multi-state lotteries in the US, has announced a raft of changes it promises will create massive jackpots more frequently and give players better odds to win.
The “mega overhaul” for Mega Millions, which drew its first numbers over 20 years ago, is planned for April 2025.
Key Highlights
- Mega Millions promises better jackpot odds and bigger, faster-growing jackpots.
- The price of a Mega Millions ticket will increase from $2 to $5.
- Jackpots have exploded in the past decade because lotteries made it harder to win.
- Some states allow for online lottery ticket purchases.
Better Odds, Bigger Prizes
In its Monday press release, the Mega Millions Consortium said that the changes revolve around creating more winners and more frequent monster jackpots.
While specific details on how it will all work are currently scarce, Mega Millions said that the initial seed money for jackpots will be bigger, jackpots will grow faster, and the odds of hitting the jackpot will improve.
Additionally, Mega Millions will add a built-in multiplier to boost every non-jackpot win. Right now, it costs an additional dollar to add the “Megaplier,” which increases non-jackpot wins by two to five times.
The minimum prizes will also improve, with every win being more than the ticket cost.
Joshua Johnston, Lead Director of the Mega Millions Consortium, said, “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.”
The one change that players will surely dislike is that the ticket price will jump from $2 to $5.
Jackpots Have Exploded
Though most of us will never experience it, winning the lottery is always exciting. In recent years, though, Mega Millions and Powerball jackpots have grown so immense that they represent not just life-changing money but multi-generation-changing money.
there have been 11 Mega Millions and Powerball jackpots of at least $1 billion
Once upon a time, a $100 million jackpot was eye-popping, but now many people don’t even bother buying a ticket for a prize that “low.”
Since 2016, there have been 11 Mega Millions and Powerball jackpots of at least $1 billion. All but two have come since 2021.
The record jackpot is $2.04b, won on November 7, 2022.
Odds Have Gone Down, So Jackpots Have Gone Up
But why are jackpots now so insane? The main reason is that the lotteries made it more difficult to win. And when nobody wins, the jackpot grows.
For example, in 2017, Mega Millions changed the pool of numbers from which to pick. Previously, players had to match five white balls from 1 to 75 and one Mega Ball from 1 to 15. Now, it’s between 1 70 for the white balls and between and 1 and 25 for the Mega Ball.
The odds of hitting the jackpot went from 1-in-259 million to 1-in-302 million. The ticket price also doubled from $1 to $2.
The bigger jackpots also lead to more people playing, which increases the jackpots even more.
Online Lottery Sales
Historically, people have bought lottery tickets at convenience stores and grocery stores. Fill out a slip with the desired numbers or simply elect for a random “quick pick,” and receive the ticket in return.
Lotteries have become increasingly available online, making it easier for people to play as long as they are within state borders. Currently, a dozen states plus Washington, D.C., offer their state lotteries online or via mobile app.
Some states offer everything: Mega Millions and Powerball, regional and state lotteries, virtual scratch-off tickets, and even digital games that look like online slots.
Some only offer traditional lottery products and leave the scratch-off tickets to brick-and-mortar retailers. Many states also have subscription services that allow people to schedule automatic ticket purchases.
There are also third-party lottery courier services permitted in some states that buy tickets for customers in exchange for a fee.
Sources
https://www.megamillions.com/News/2024/Mega-Millions-To-Get-MEGA-Enhancements-in-April-20.aspx
https://www.nerdwallet.com/article/finance/why-are-there-so-many-big-lottery-jackpots
https://en.wikipedia.org/wiki/Lottery_jackpot_records
