ATLANTA — Get ready to pay more for your Mega Millions tickets.
Starting in April, the price of tickets will jump to $5. While that price jump may seem steep for regular players, lottery officials promise bigger jackpots, more frequent winners and faster-growing jackpots.
“We are creating a game that both our existing players and people new to Mega Millions will love and get excited about playing,” said Joshua Johnston, Lead Director of the Mega Millions Consortium. “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.”
This is only the second time in the game’s history that it has raised the prices of tickets.
Mega Millions and its lottery compatriot Powerball are sold in 45 states, as well as Washington, D.C., and the U.S. Virgin Islands. Powerball also is sold in Puerto Rico.
Powerball officials said they have no plans to change that game’s odds or the $2 price for most tickets.
Mega Millions will introduce changes at a time when fewer people are buying tickets and jackpots need to reach ever-higher figures before sporadic players notice and opt to buy a ticket or two. Whereas a $500 million jackpot once prompted lines out convenience store doors, top prizes of $1 billion now often draw more of a ho-hum response.
Those much-hyped jackpot numbers also could take a hit as interest rates fall. That’s because on billboards or other advertisements, state lotteries emphasize the annuity payout for jackpots, distributed over decades from an investment fund. As interest rates have been high, the annuity jackpots have more than doubled the cash prizes that winners nearly always choose.
Lottery officials are expected to announce more specifics about the changes in the coming months.
The Associated Press contributed to this article.