Mega Millions raises ticket price to $5 promising bigger jackpots and better odds

Officials from the Mega Millions have announced some substantial changes to their famed lottery game. Starting in April, the company announced that they would be raising the price of their ticket to $5, an increase from the current $2. The officials also said that the increased price tag on the ticket would lead to bigger jackpots , better odds and more frequent giant prizes.

“Spending 5 bucks to become a millionaire or billionaire, that's pretty good,” Joshua Johnston, director of the Washington Lottery and lead director of the group that oversees Mega Millions, said to NBC affiliate WBTS . Lottery officials have told the outlet that they are confident that players won't mind being charged extra for the benefits . It is the second time that Mega Millions has increased the price. The first time was in 2002.

Mega Millions and it's compatriot, Powerball, are sold in 45 states including Washington, D.C., and the U.S. Virgin Islands. Powerball has announced that they will not be following Mega Millions and will be keeping their current price, $2, for the foreseeable future. According to the outlet, the changes to Mega Millions come when fewer people are playing the game due to the low jackpots.

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It was speculated that the change was happening due to the fact the interest rates are now falling and the payout a winner would get seems to be declining. Johnston has said that this was not the thought process when it came to the game changes. The official stated that the biggest motivation came from the desire to differentiate Mega Millions from Powerball and attract customers who usually pass on both games.

Johnston states that research has shown that most people are comfortable with spending at least $5 when they buy scratch tickets or chances at the draw games. “You pay 5 bucks for your Starbucks,” Johnston noted. Officials have stated that more details will be available within the coming months.

The announcement of the new price comes a day after a new regulation was announced stating that players are now limited to purchasing 10 National Lottery scratchcards at a time in stores. The limit has allegedly been implement by lotto operator Allwyn in order to enhance a lottery player's protection.

"We know from purchase date that the vast majority of in-store players already buy fewer than the new scratchcards limit, but this new safeguard will further minimize the likelihood of any excessive play," a rep for the company stated. "This is the latest step in our plans to grow The National Lottery responsibly and generate even more money for Good Cause projects, by encouraging more people to play a little ." It was stated that the regulation was implemented in October.

This is reportedly the first time that a nationwide policy has been placed on the purchase of the lottery that has aligned with the existing limit for authorized online retailers. According to The Mirror , the new limit still allows players to buy enough scratchcards for gifting.