The odds of winning the Mega Millions jackpot will increase slightly under new rules that seek to boost the average jackpot win by several hundred million dollars, though the cost of playing will increase, the lottery announced this week.
The announcement preceded an Illinois ticket winning the lottery’s nearly $350 million jackpot.
Mega Millions said Tuesday the lottery would implement several changes, including improving the overall odds to win any prize to one-in-23 (from one-in-24) after removing one “Mega Ball” from the drawing pool, which will also improve the astronomical odds of winning the jackpot from one-in-302.6 million to one-in-290.4 million.
The changes will debut on April 4, with the first drawing under a new prize structure starting April 8, Mega Millions said.
Under the new prize structure, non-jackpot prizes will be multiplied up to 10 times as prizes will range from $10 to $10 million, compared to $2 to $1 million under the current structure, the lottery said.
Mega Millions will raise ticket prices from $2 to $5, a move the lottery said will help raise the average jackpot win from about $450 million to more than $800 million, while also allowing the jackpot to reset to $50 million instead of $20 million after a winning ticket is sold.
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A Mega Millions ticket sold in Illinois matched all five white balls and a gold “Mega Ball” to win the lottery’s $349 million jackpot after its latest drawing Tuesday. The winner has the option to receive the jackpot over 30 annual payments or in a one-time lump-sum payout of $161.4 million. The lump-sum option would be reduced to $122.6 million after a mandatory 24% federal tax withholding, or as low as $101.6 million with a federal marginal rate as high as 37%, depending on the winner’s taxable income.
The next drawing for the Powerball lottery will be held Wednesday night. The Powerball jackpot rose to $484 million earlier this week, the largest lottery prize of the year so far, with a lump-sum option of $228.1 million. A 24% federal tax withholding would cut the winnings to $173.3 million, while a marginal rate as high as 37% would reduce it to $143.7 million.
Some of the largest lottery prizes in U.S. history have been won over the last decade, after the Mega Millions and Powerball lotteries announced rule changes in 2015. Both Powerball and Mega Millions increased the pool of white ball numbers contestants could choose from, a change that decreased the odds of winning the Powerball jackpot from one-in-175.2 million to one-in-292.2 million and the Mega Millions jackpot from one-in-258.9 million to one-in-302.6 million. Two billion-dollar Mega Millions jackpots were won in 2024, including grand prizes of $1.13 billion and $1.27 billion.
Powerball Jackpot Nears $500 Million—Here’s What The Winner Could Take Home After Taxes (Forbes)