Mega Millions Ticket Price Set to Increase to $5, Promising Bigger Jackpots and Improved Odds

Mega Millions players will soon see a significant increase in ticket prices as lottery officials announced that, starting in April 2025, the cost of a ticket will rise from $2 to $5.

This change aims to enhance the overall gaming experience by offering larger cash prizes and better odds for winning.

The decision comes as part of a comprehensive revamp of the Mega Millions lottery, with officials stating that the new price will accompany increased jackpots and improved winning chances.

“Spending five bucks to become a millionaire or billionaire is a pretty good deal,” said Joshua Johnston, director of the Washington Lottery and lead director of the Mega Millions group.

In its over 20-year history, Mega Millions has produced six jackpots exceeding $1 billion and created approximately 1,200 millionaires. The lottery’s new pricing strategy aims to attract more customers, especially since fewer people have been purchasing tickets unless a massive jackpot is at stake. The current odds of winning the Mega Millions jackpot stand at approximately 1 in 302.6 million.

Johnston emphasized that the expected rise in billion-dollar jackpots will create more millionaires and billionaires, contributing to the continued support of various causes funded by state lotteries. The revenue generated from ticket sales is crucial for funding government services across states.

This upcoming price increase will be the second in the lottery’s history since its launch in 2002. Research indicates that most Americans are comfortable spending at least $5 on lottery tickets, similar to the cost of a coffee from a popular café.

The April adjustments will include not only a higher ticket price but also larger starting jackpots that grow more rapidly, along with a built-in multiplier for non-jackpot wins. One of the driving factors behind these changes is to make Mega Millions more appealing compared to its main competitor, Powerball.

While Powerball officials have indicated no plans to alter their game or ticket prices, Johnston believes that the enhancements to Mega Millions will make it more attractive to players who may not currently participate in either lottery. More details about the upcoming changes will be shared in the coming months.

New York Post and Fortune contributed to this report.