Mega Millions is slated to get an upgrade that will include an initial jackpot of $50 million—up from $20 million—and the Megaplier feature becoming an automatic inclusion. These positive changes accompany the upcoming price increase from $2 to $5. Jackpots for the lottery, which can already exceed $1 billion, are also expected to double on average thanks to the changes.
These details emerged from the Montana Lottery Commission‘s June 11 meeting. While the meeting did not state the start date for the price hike, expectations are for it to begin next spring, likely in April.
Higher Cost, Bigger Jackpots for MegaMillions
One change that Mega Millions players may appreciate is the better odds. Currently, with the $2 ticket, the odds of winning a prize are 1 in 24.
With $5 tickets, it will be 1 in 22.4. Meanwhile, the odds for the progressive jackpot will improve to 1 in 278 million, compared with 1 in 302 million currently.
Higher Mega Millions ticket prices also mean an increased minimum and average jackpot. Now, it starts at $20 million with an average jackpot of $387 million. Starting next year, the minimum jackpot will be $50 million. Meanwhile, the expected average progressive jackpot will be $694 million, almost twice as high. That means $1 billion jackpots could become more frequent.
Another significant change is that each play will include the Megaplier. Currently, lottery players need to pay $1 extra for a chance to increase their non-progressive jackpot prize two to five times. With $5 tickets, the included Megaplier could be 1x, 2x, 3x, 4x, 5x, or 10x, with an average multiplier of 2.87. The number is pulled before each Mega Millions drawing.
Changes Could Help Mega Millions Against Powerball
While a hike in the price could turn off some players, it could also bring more excitement, especially because of the higher jackpot potential. Higher average jackpots could also give Mega Millions a boost against rival Powerball. After implementing the changes, Mega Millions’ progressive jackpot odds of 1 in 278 million will be better than Powerball’s 1 in 292 million. Also, Powerball had the advantage of having a multiplier of up to 10x, but now Mega Millions matches that.
Powerball draws are three times a week, whereas Mega Millions draws are twice. While more drawings give Powerball a chance to grow faster, Mega Millions has been able to keep up. Bonus noticed that it takes three months for Powerball to reach $1 billion. That’s about the same time it took the last Mega Millions billion jackpot in March. Also, there have been six Mega Millions jackpots of over $1 billion, while Powerball has reached the mark five times. However, Powerball is the only one that has surpassed $2 billion.
The $5 tickets could help Mega Millions surpass $2 billion and shorten the time it takes to reach a billion. So, the Mega Millions ticket cost could differentiate the lottery game by targeting more financially sound players who primarily participate once jackpots get to the billion mark.
About the Author
