Price of Mega Millions ticket to more than double with promise of bigger prizes

The cost of buying a Mega Millions jackpot dream will soon more than double, but lottery officials said they're confident players won't mind paying more after changes that will lead to larger prizes and more frequent winners.

Beginning in April 2025, the cost of a Mega Millions ticket will cost $5.

Right now, the price for a single ticket is just $2 per ticket.

That jump marks a 150% jump in cost. Lottery officials say the change will lead to larger and faster-growing jackpots and prizes. With the price hike, officials also noted that more people have a chance to walk away winners.

"Spending 5 bucks to become a millionaire or billionaire, that's pretty good," said Joshua Johnston, director of the Washington Lottery and lead director of the group that oversees Mega Millions.

Watch Mega Millions drawings every Tuesday and Friday at 10:59 p.m. ET right here

Those jackpots are also set to grow faster.

And a caveat that some players might love: all winning prizes will always be more than the cost of a ticket.

Mega Millions' hope is that by increasing ticket revenue and rejiggering the odds - now set at 1 in 302.6 million - to something less stratospheric, more people will win jackpots even as prizes grow extraordinarily high, which attracts more players. The goal is to increase revenue and provide more money to state lotteries, which in turn spend it on a variety of government services.

"We are creating a game that both our existing players and people new to Mega Millions will love and get excited about playing," Johnston 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."

In Mega Millions history, only six jackpots of more than $1 billion have been awarded.

Powerball officials said they have no plans to change that game's odds or the $2 price for most tickets.

WATCH: New York state lottery drawings live daily at 2:30 p.m. and 10:30 p.m. and Wednesdays and Saturdays at 8:15 p.m .

Powerball drawings are also streamed here on Monday, Wednesday, and Saturday at 10:59 p.m.

Mega Millions drawings are streamed on Tuesday and Friday at 11:00 p.m.

(The Associated Press contributed to this report.)

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