Sunday, 26th May 2024

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Reported Mega Millions ticket price will be raised from $2 to $5

According to reports, Mega Millions’ flagship honchoes are considering raising ticket prices. While it is still unofficial, anonymous sources said lottery prices are expected to jump from $2 to $5.

People familiar with the matter were convinced the decision was “as close to the end as possible,” but lottery officials have not yet commented. 토토사이트 추천

Anyway, raising the price of a ticket to $5 will mark a significant change. When the game was introduced back in 1996, the price of a ticket was $1. This price doubled in 2017, when the consortium overseeing the game decided to hit a $40 million (previously $20 million) start jackpot.

But once the pandemic hit, the starting jackpot was reduced to $20 million, but ticket prices were not.

Why are you revising the price now?

Sources told Lotto Giggs that the $2 to $5 increase has multiple goals, one of which is to allow players to distinguish between Mega Millions and Powerball. In addition, the consortium behind the game is considering increasing the number of prizes, not jackpots. Finally, the increase in ticket prices will allow the game to provide more funding for purposes such as education.

According to sources, this change has been under consideration for nearly two years. Mega Millions’ managers also considered various other changes, such as progressive-style jackpots in different states. However, this would have caused various logistics problems, which is why the nine Mega Millions consortium countries decided to increase prices instead.

Nevertheless, raising the price of a Mega Millions ticket from $2 to $5 is clearly a risky move and could be a turn-off for some players. One economist told Lottery Giggs that the price elasticity of a Mega Millions ticket is not yet in sight.

As mentioned, the move is aimed at cementing Mega Millions as a game that doesn’t confuse it with Powerball. However, according to experts, much of the appeal of the popular lottery has been cheap tickets, meaning that even if Mega Millions starts offering better products, some players could be left out.

In any case, stacking a giant jackpot will be the best advertisement for the game, according to experts. Additionally, unknown things include potential modifications to non-jackpot prizes. Most people play for the jackpot, but smaller prizes are still important for many players. However, increasing non-jackpot prizes means reducing the amount of money that adds fuel to the jackpot.

The ticket price change is expected to be voted on at a board meeting in Puerto Rico in June, people familiar with the matter said.

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