Inflation Impact: Mega Millions Lottery Tickets to Become 150% More Expensive by 2025

Lottery Tickets Not Spared from Inflation

Even lottery tickets are not spared from the inflationary crisis that has emerged during the Biden/Harris administration. The price of Mega Millions tickets is set to increase from $2 to $5 in April 2025. However, the company, mirroring Stephanie Kelton's stance, assures that there will be "bigger jackpots" and more opportunities to win, as reported by Consumer Affairs.

It should be noted that they are referring to larger nominal jackpots. By the time these changes are implemented, the cost of daily essentials like morning coffee could potentially skyrocket.

Creating a Game for Everyone

Joshua Johnston, the Lead Director of the Mega Millions Consortium, stated, “We are creating a game that both our existing players and people new to Mega Millions will love and get excited about playing.” He further added, “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.”

According to Consumer Affairs, this is only the second price increase since Mega Millions' current format was introduced over 20 years ago. The previous increase occurred in 2017 when ticket prices doubled from $1 to $2.

New Ticket Price Comes with Enhanced Features

The new ticket price will come with improved features: better odds of hitting the jackpot, more frequent and larger starting jackpots, faster growth, and a built-in multiplier that can boost non-jackpot wins up to $10 million. Players will also no longer face breakeven prizes—every win will exceed the ticket cost.

The company's goal with these updates is to attract both seasoned players and newcomers, building on a history that has produced six billion-dollar winners since 2018. The largest prize, $1.6 billion, was claimed by a Florida resident in August 2023. Mega Millions aims to welcome more players into the billion-dollar club with these changes.

Although the changes will take effect in April 2025, players can still participate in drawings every Tuesday and Friday night at 11 p.m. ET.

Projected Ticket Cost by 2030

If the trend of a 150% increase every 6 years continues, tickets will cost $12.50 by 2030.

Bottom Line

While inflation continues to impact various sectors, it's interesting to see how even the lottery industry is not immune. The increase in ticket prices for Mega Millions is a clear example of this. However, the company promises more chances to win and bigger jackpots, which could potentially attract more players. What are your thoughts on this? Do you think the increased ticket price is justified by the enhanced features and bigger jackpots? Share your thoughts and this article with your friends. Don't forget to sign up for the Daily Briefing, which is delivered every day at 6pm.